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

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

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.

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.

Bitcoin Fear and Greed Index during the last 12 months. Source: Crypto Fear and Greed Index.

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.

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.

A CoinGecko ballot on BTC price prediction for the upcoming week. Source: CoinGecko

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:

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:

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.