BTC Greed and Fear Index Approaches Extreme Level
The BTC Greed Index is at 78 out of a possible 100
It is important to remember that the index has only been tracked since the beginning of 2018
The cryptocurrency market is influenced by fundamental factors
International consortium of news organizations developing transparency standards.
Bitcoin is on the verge of updating its 2020 high above the $ 12,000 level, but the question is whether the cryptocurrency can maintain its upward momentum. Renowned Index Shows BTC Traders To Be Overcome With Extreme Greed.
The Greed and Fear Index tracks market sentiment for Bitcoin and other major cryptocurrencies. Emotional kinks tend to signal a bottom and top as investors liquidate long positions out of fear and voracious buyers join the game at any level.
Now this bitcoin index is at around 78 out of a possible 100 in terms of greed. In just a month, this indicator has jumped from the 44 neutral zone amid vigorous growth in major digital currencies..
However, it is important to remember that the index has only been tracked since the beginning of 2018. Due to the short data collection period, this indicator can hardly be considered reliable, as it does not account for the previous numerous sharp movements, including reaching an all-time high just below the $ 20,000 mark at the end of 2017..
Now that halving Bitcoin halving is cutting the number of new coins miners create and earn by half. This happens approximately every four years and … More bitcoin is behind, the market has the impression that nothing can stop the further growth of the digital currency. The last time the Greed Index hit such high levels was over a year ago, when BTC nearly hit $ 14,000..
Fundamental factors in the game
Despite the cryptocurrency community’s love of speculation, there is something more influencing the market right now, just technical factors. Large-scale stimulus around the world and public discontent continue to push investors towards safe assets, including gold, silver and bitcoin.
Many players remain optimistic about the outlook for Bitcoin, such as Anchorage president and co-founder Diogo Monica, who said many investors missed the 2017 bull market due to lack of institutional infrastructure and don’t want to miss their chance in the current rally. Why are there so many bulls in the market now, and how will the fear and greed index behave this time? Only time will show.
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