Positive sentiments and emotions towards crypto have surged to the highest levels since Bitcoin hit a record high in November 2021. Is the market entering another big rally?
According to the data by BitDegree, the index recorded a score of 68 on March 20th. This score falls under the “Greed” category.
The Crypto Fear and Greed Index is a tool designed to measure the prevailing market sentiment towards cryptocurrencies at any given time. The index produces a numerical value ranging from 0 to 100.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What are Stablecoins, Altcoins & Wrapped Coins Explained!
An index of 1 indicates a significant amount of fear among cryptocurrency traders, which often leads to selling. On the other hand, an index of 100 suggests an extreme level of greed among traders, indicating a strong intention to buy.
The last time the index hit a higher score was on November 16th, 2021, when it was recorded at 71. This was a few days after Bitcoin attained an all-time high of over $69,000 on November 10th, 2021.
Generally, Bitcoin and cryptocurrency markets have been on an uptrend since the beginning of the year.
Specifically, sentiments around cryptocurrency have been on the rise following the fall of the Silicon Valley Bank. Bitcoin, the leading crypto in terms of market capitalization, has recorded around a 28% price hike in the past seven days. The crypto crossed $28,000 for the first time in about nine months.
Some market experts who have weighed in on the trend have predicted a positive run in the BTC price.
Markus Thielen, head of research at a crypto financial service firm, Matrixport, predicted even more significant growth for Bitcoin (BTC). The analysts set a near-term price target of $36,000 by June and $45,000 by the end of the year.
Another market expert Charles Edwards, founder and CEO of Capriole investment firm, set an ambitious target of $100,000 per BTC.
Textbook perfect Bitcoin "Bump & Run Reversal" bottom is back and the target is over $100,000.
However, Edwards warned that the chart patterns could fail. Therefore, his analysis should not be used as a trading or investment plan.
Ryan Selkis, the founder of crypto analytic firm Messari Crypto, also predicted an uptrend. The man highlighted a combination of factors, such as bank failures and regulatory policies, will impact the growth of crypto prices.
At the time of writing, Bitcoin (BTC) retails for $28,043.87, recording 0.22% in the last 24 hours.