by Bitcoin (BTC) has simply clocked its eleventh consecutive day outdoors the “Fear” zone within the Crypto Fear and Greed Index, cementing its longest streak out of fear since final March.
Bitcoin Fear and Greed Index is 61 – Greed
Current price: $23,780 pic.twitter.com/U5gxN3AwnT— Bitcoin Fear and Greed Index (@BitcoinFear) January 30, 2023
This comes as Bitcoin hit $23,955 at 8:10 pm UTC time on Jan. 29, its highest degree of the yr. It has since come again down barely, to $23,687 on the time of writing.
Meanwhile, Bitcoin sentiment is at present sitting firmly within the “Greed” zone with a rating of 61, its highest degree because the peak of the bull run round Nov. 16, 2021, when its price was about $65,000.
However, regardless of Bitcoin’s robust resurgence in current weeks, market individuals proceed to debate whether or not the current price surge is part of a bull trap or whether or not there’s a actual probability for a bull run.
Regardless, the present rally has pushed much more BTC holders again into the inexperienced.
According to information from blockchain intelligence platform IntoTheBlock, 64% of Bitcoin traders at the moment are in revenue.
Those who first purchased BTC again in 2019 at the moment are — on common — again in revenue too, based on on-chain analytics platform Glassnode.
We can calculate the common acquisition price for #Bitcoin by monitoring alternate withdrawals.
The chart beneath exhibits the common withdrawal price for traders for annually.
The common class of 2019+ $BTC is now again in revenue (at $21.8k)
Live Chart: pic.twitter.com/skjrM6w5lH
— glassnode (@glassnode) (*11*)
The common first-time purchase price for BTC traders in 2019 was $21,800, which implies these traders are on common up about 9% on the Jan. 29 price of $23,687.
Related: Bitcoin eyes $25K as BTC price nears best weekly close in 5 months
Meanwhile, a Jan. 29 poll from crypto market platform CoinGecko has revealed that 57.7% of 3,725 voters imagine BTC will exceed $25,000 this week, whereas solely 21.2% of voters imagine BTC is primed for a pullback beneath $22,000.
The founder and CEO of Vailshire Capital, Dr. Jeff Ross, additionally supplied a technical evaluation of his personal on Jan. 29, suggesting {that a} price surge towards $25,000 within the brief time period could also be on the playing cards:
The power of #bitcoin on the 4-hour charts continues to be spectacular.
While price motion has trended sideways for over every week, brief time period indicators (MACD, RSI) have as soon as once more reset… and at the moment are ramping increased.
A price surge to ~$25k is possible.
(Not funding recommendation) pic.twitter.com/QaPbNrxtxZ
— Dr. Jeff Ross (@VailshireCap) January 29, 2023
Other analysts have referred to as for excited traders to taper some of their expectations, nonetheless.
Head analyst Joe Burnett of Bitcoin mining firm Blockware advised his 43,900 Twitter followers on Jan. 29 that BTC gained’t attain and surpass its all-time excessive of $69,000 till after the next Bitcoin halving event, which is anticipated to happen in March 2024:
I don’t assume Bitcoin will make a brand new all time excessive till after the 2024 halving.
Dovish macro circumstances and decreased miner promote strain will result in the following parabolic bull run.
Using Energy Gravity as a possible prime indicator, I anticipate the following peak to be $150k – $350k. pic.twitter.com/OfCER7s8Zq
— Joe Burnett ()³ (@IIICapital) January 29, 2023
Macroeconomist and funding adviser Lyn Alden additionally lately advised 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.
