Bitcoin (BTC) traders are exhibiting a excessive degree of optimism regardless of current worth volatility, with the Worry & Greed Index adopted by Coinstats Explorer indicating sturdy and bullish market sentiment. At the moment, at a degree of 64, the index may be very near the excessive of the yr, suggesting that traders are extra grasping than fearful.
The Worry and Greed Index makes use of a wide range of elements, together with social media posts and google developmentsto gauge the temper of the bitcoin market and assigns a rating from 0 to 100. A rating above 55 signifies a prevailing feeling of greed, whereas a rating beneath 45 signifies concern. Regardless of current worth swings between $31,000 and $26,600, the index exhibits that BTC traders stay optimistic about the way forward for the cryptocurrency.
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Bitcoin has maintained bullish market sentiment for many of 2023, hitting a excessive of 68 this month. This degree has not been seen for 18 months, when Bitcoin hit its all-time excessive of $69,000. This month, the value of the cryptocurrency peaked at $31,000, its highest degree in nearly a yr, with greed hitting a degree of 68. Though bitcoin then fell to $26,600 , market sentiment stays excessive.
Will Bitcoin attain $40,000?
The current worth surge over the previous week has prompted new predictions from analysts and stakeholders about the way forward for the key coin. Whereas some assume a serious correction is coming, others have a optimistic view of the market pattern.
Certainly one of them is a well-liked market analyst Michael van de Poppe, who thinks a correction is wholesome for Bitcoin. He predicts that if Bitcoin stays above $25,300, it should proceed to rally in direction of the $40,000-$50,000 ranges. Van de Poppe additional displayed his ideas utilizing a chart, exhibiting that this worth degree has been key up to now, serving as a assist and resistance zone for Bitcoin’s 2021 and 2022 lows and highs. .
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Van de Poppe estimates that with Bitcoin appreciating over 60% thus far this yr, it might proceed to climb over $40,000 within the second half of 2023. He additionally forecasts a reversal to $30,000, its present resistance, which might turn into its assist. .
Nonetheless, he famous that this situation is dependent upon the US Federal Reserve not pivoting or altering its financial coverage. As of now, the Fed exhibits no indication of fixing its resolution to boost rates of interest, which might affect the value of the cryptocurrency.
Santino Cripto, a outstanding market analyst, additionally shares this angle. He thinks Bitcoin might hit $40,000 by August. One of many elements cited for this projection is that greater BTC minimal costs point out an upward pattern. In response to him, the market correction skilled this week is just like earlier weeks and exhibits a pure and rational phenomenon throughout a bullish season.
bitcoin worth
On the time of writing, Bitcoin is up 1% up to now 24 hours and is buying and selling at $29,319 with a market dominance of 47%.
Featured picture from istock.com, charts from Coinstats, Twitter and Tradingview.