Crypto Fear and Greed Index hits highest index value of the year, reaching levels not seen since Bitcoin
Bitcoin
ticker below
$28,214
All-time high in November 2021.
His March 20th update of the Index showed a score of 68, placing him firmly in the “greedy” realm.
The Crypto Fear and Greed Index aims to quantify the current “feelings and feelings” towards the Bitcoin and cryptocurrency markets, with a maximum score of 100.
According to Coingecko, the last time the index recorded a number above 66 was on November 16, 2021, which means that he hit Bitcoin’s all-time high above $69,000 on November 10, 2021. It was a few days later.
Sentiment for BTC and cryptocurrencies has been bullish since the collapse of Silicon Valley Bank and its subsequent impact on the traditional financial system.
Data from Coingecko show that Bitcoin has risen about 27.8% over the past seven days, reaching $28,000 for the first time since June 2022.
Marcus Thielen, head of research for cryptocurrency financial services at Matrixport, said in an analysis on March 20 that “liquidity history remains favorable to bitcoin,” so there is more to bitcoin. suggested that there is a possibility of an increase in
Analysts have adjusted their near-term price target to $36,000 by June 2023, and have set a year-end target of $45,000 for him.
Meanwhile, Charles Edwards, founder and CEO of investment firm Caprior, has predicted an even more ambitious price target for BTC of $100,000.
In a March 14 tweet, Edwards called the Bitcoin price move in 2023 a “textbook-perfect Bitcoin runaway reversal,” with a “goal above $100,000” based on his interpretation of the data. I believe.
But he said, “Chart patterns fail. Don’t use this as a trading/investment plan. Manage your risks!
Ryan Serkis, founder and CEO of crypto analytics firm Messari, shared a similar “rough” prediction in a post on March 16, stating that BTC could reach $100,000 in the next 12 months. I’m explaining why I think it is.
According to Serkis, the combination of bank failures and changes in federal monetary policy will increase external investment in cryptocurrencies.
“But the point is that the agency buys it and sticks the needle so that it can be defended with us. It’s the best-case scenario at the moment,” Serkis said.
“This is a bullish bet on the future as BTC is treated as a life raft and a peaceful exit option,” he added.
Bitcoin has been ranked as the best performing asset this year by investment firm Goldman Sachs, with year-to-date absolute returns up 51%.
In a March 17 memo, the asset manager revealed that Bitcoin’s YTD total return has outperformed the likes of IT, gold, NASDAQ 100 and S&P 500.
