Bitcoin (BTC) traders are exhibiting a excessive stage of optimism regardless of the current worth volatility, with the Worry & Greed Index tracked by Coinstats Explorer indicating a robust and bullish market sentiment. At present, at a stage of 64, the index may be very near the yr’s excessive, suggesting that traders are extra grasping than fearful.
The Worry & Greed Index makes use of a wide range of elements, together with social media posts and Google Developments, to gauge the temper of the bitcoin market and assigns a rating from 0 to 100. A rating above 55 signifies a prevailing sense of greed, whereas a rating beneath 45 signifies concern. Regardless of current worth fluctuations between USD 31,000 and USD 26,600, the index reveals that BTC traders stay optimistic about the way forward for the cryptocurrency.
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Bitcoin has sustained a bullish market sentiment for many of 2023, reaching a peak of 68 this month. This stage has not been noticed since 18 months in the past, when Bitcoin reached its all-time excessive of $69,000. This month, the cryptocurrency’s worth peaked at $31,000, its highest level in almost a yr, with greed reaching a stage of 68. Though bitcoin later fell to $26,600, market sentiment stays elevated.
Will Bitcoin Hit $40,000?
The current worth surge prior to now week has resulted in renewed predictions from analysts and stakeholders about the way forward for the main coin. Whereas some consider a serious correction is coming, others have a optimistic view of the market pattern.
One in every of these is standard market analyst Michael van de Poppe, who believes a correction is wholesome for Bitcoin. He predicts that if Bitcoin stays above $25,300, it’s going to proceed to rally towards the $40,000 to $50,000 ranges. Van de Poppe additional displayed his ideas utilizing a chart, exhibiting that this worth stage had been key prior to now, serving as a assist and resistance zone for Bitcoin minimums and maximums in 2021 and 2022.
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Van de Poppe believes that with Bitcoin’s appreciation of over 60% up to now this yr, it might proceed to rise to greater than $40,000 within the second half of 2023. He additionally foresees a reversal to $30,000, its present resistance, which might develop into its assist.
Nevertheless, he famous that this state of affairs is dependent upon the US Federal Reserve not pivoting or altering financial coverage. For now, the Fed doesn’t present any indication of adjusting its choice to boost rates of interest, which might impression the cryptocurrency’s worth.
Santino Cripto, a outstanding market analyst, additionally shares this outlook. He believes that Bitcoin might attain $40,000 by August. One of many elements cited for this projection is that BTC’s larger minimal costs point out an uptrend. In accordance with him, the market correction skilled this week is just like earlier weeks and reveals a pure and rational phenomenon throughout a bullish season.
As of the time of writing, Bitcoin is up 1% within the final 24 hours and buying and selling for $29,319 with a market dominance of 47%.
Featured Picture from istock.com, charts from Coinstats, Twitter, and Tradingview.