Bitcoin (BTC) buyers are exhibiting a excessive stage of optimism regardless of the current worth volatility, with the Concern & Greed Index tracked by Coinstats Explorer indicating a powerful and bullish market sentiment. At the moment, at a stage of 64, the index could be very near the 12 months’s excessive, suggesting that buyers are extra grasping than fearful.
The Concern & Greed Index makes use of a wide range of components, 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 exhibits that BTC buyers 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 practically a 12 months, 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 previously week has resulted in renewed predictions from analysts and stakeholders about the way forward for the main coin. Whereas some consider a significant correction is coming, others have a optimistic view of the market development.
One in all these is well-liked market analyst Michael van de Poppe, who believes a correction is wholesome for Bitcoin. He predicts that if Bitcoin stays above $25,300, it can 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 previously, serving as a help 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% thus far this 12 months, 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 grow to be its help.
Nonetheless, he famous that this state of affairs is determined by the US Federal Reserve not pivoting or altering financial coverage. For now, the Fed doesn’t present any indication of fixing its choice to lift rates of interest, which might affect 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 components cited for this projection is that BTC’s increased minimal costs point out an uptrend. In line with him, the market correction skilled this week is just like earlier weeks and exhibits 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.