Bitcoin (BTC) finally escaped the “extreme fear” zone after 73 days on Tuesday, coinciding with a 19% weekly rise in Bitcoin (BTC) as bulls return to the market.
Crypto fear and greed Index went from “extremely scared” to just “frightened” on July 19, reaching a score of 30 out of 100. It has since increased slightly to the current score of 31.
The index analyzes the current sentiment of the overall crypto market, with a score between 0 and 100. The index is based primarily on Bitcoin market volatility, volume and dominance, social media sentiment, surveys and search trend data.
On-chain metrics business Saniment on Twitter noted that traders are “changing their tune” and starting to look towards a long-term breakout from cryptocurrency.
According to the company, the average funding rate of BTC on exchanges has reached its highest level in the past two months, with the price of BTC exceeding $23,600, which could indicate that a level of fear of missing out (FOMO ) is present.
Traders change their minds and sense a long-term breakout after a dominant #Bitcoins Tuesday. With the #1 market cap asset in #crypto outbreak, the relationship between $BTC #long and #shorts is at its highest level since early May. To watch #FOMO. https://t.co/4PcBhoKywd pic.twitter.com/dSPmazk1S1
— Santiment (@santimentfeed) July 19, 2022
Galaxy Digital CEO Mike Novogratz continues to tout his optimism for the major cryptocurrency, telling a Bloomberg conference on June 19 that he expects BTC exceed $500,000 in the next 5 years.
“It’s a story of two things – it’s about adoption and it’s about the global economy. And while it’s a roadblock on the road to adoption, it’s certainly not a half-turn”.
“We continue to see institutions […] who haven’t gotten involved yet, who see it as an opportunity,” he added.
Novogratz also believes that “the worst has happened” and “now we are rebuilding with a few good days in a row. He also noted that there is “a good story with Ethereum and the merger, global macro markets are maxed out bearish “.
On the other hand, Shades of grey The Bear Markets in Perspective report suggests that the current bear market could last another 250 days.
Product comparison platform Finder made a similar prediction in a Bitcoin prediction survey on July 12, with five fintech professionals at Finder and 53 industry experts suggesting that BTC will bottom out. $13,676 before trending up towards $100,000 before 2025 and $300,000 by 2030.
Bitcoin is priced at $23,318 at the time of writing.