October 1, 2023

Allcryptonews

Your trusted source for crypto news and insights

Bitcoin stays out of fear for 11 straight days as price tips near 24K

3 min read


Bitcoin (BTC) has simply clocked its eleventh consecutive day exterior the “Worry” zone within the Crypto Worry and Greed Index, cementing its longest streak out of concern since March 2022.

It comes as Bitcoin hit $23,955 at 8:10 pm UTC time on Jan. 29, changing into this 12 months’s latest all-time excessive. Although it has since come again down barely to $23,687 on the time of writing.

In the meantime, Bitcoin sentiment is presently sitting firmly within the “Greed” zone with a rating of 61, which hasn’t been seen because the top of the bull run round Nov. 16, 2021, when the worth was about $65,000.

Bitcoin Worry and Greed Index over the past 12 months. Supply: Crypto Fear and Greed Index.

Nevertheless, regardless of Bitcoin’s robust resurgence in latest weeks, market individuals proceed to debate whether or not the latest worth surge is part of a bull trap or whether or not there’s a actual likelihood for a bull run.

Regardless, the present rally has pushed much more BTC holders again into the inexperienced.

According to knowledge from blockchain intelligence platform IntoTheBlock, 64% of Bitcoin traders are actually in revenue.

Those that first purchased BTC again in 2019 are actually — on common — again in revenue too, in response to on-chain analytics platform Glassnode.

The common first time purchase worth for BTC traders in 2019 was $21,800, which implies these traders are, on common, up about 9% with immediately’s present worth of $23,687.

Associated: Bitcoin eyes $25K as BTC price nears best weekly close in 5 months

In the meantime, a Jan. 29 poll from crypto market platform CoinGecko has revealed that 57.7% of three,725 voters consider BTC will exceed $25,000 this week, whereas solely 21.2% of voters consider BTC is primed for a pullback under $22,000.

A CoinGecko ballot on BTC worth prediction for the upcoming week. Supply: CoinGecko.

Founder and CEO of Vailshire Capital Dr. Jeff Ross additionally supplied a technical evaluation of his personal on Jan. 29, suggesting {that a} worth surge in the direction of $25,000 within the quick time period could also be on the playing cards:

Different analysts have known as for excited traders to taper a few of their expectations, nonetheless.

Head analyst Joe Burnett of Bitcoin mining firm Blockware informed his 43,900 Twitter followers on Jan. 29 that BTC gained’t attain and surpass its all time excessive (ATH) of $69,000 till after the next Bitcoin halving event, which is anticipated to happen in March of 2024:

Macroeconomist and funding adviser Lyn Alden additionally lately informed Cointelegraph that there could also be “appreciable hazard forward” with potentially risky liquidity conditions anticipated to shake the market within the second half of 2023.