• Bitcoin investors are exhibiting a strong and bullish market sentiment with the Fear & Greed Index currently at 64.
• The index uses social media posts and Google Trends to gauge the mood of the bitcoin market.
• Popular market analyst Michael van de Poppe believes that if Bitcoin remains above $25,300, it will continue to rally towards the $40,000-$50,000 level.
Bitcoin Investors Showing High Level Of Optimism
Bitcoin (BTC) investors are showing a high level of optimism despite the recent price volatility, with the Fear & Greed Index tracked by Coinstats Explorer indicating a strong and bullish market sentiment. Currently, at a level of 64, the index is very close to the year’s high, suggesting that investors are more greedy than fearful.
How Is The Fear & Greed Index Calculated?
The Fear & Greed Index uses a variety of factors, including social media posts and Google Trends, to gauge the mood of the bitcoin market and assigns a score from 0 to 100. A score above 55 indicates a prevailing sense of greed, while a score below 45 indicates fear. Despite recent price fluctuations between USD 31,000 and USD 26,600, the index shows that BTC investors remain optimistic about the future of cryptocurrency.
Will Bitcoin Hit $40k?
The recent price surge in past week has resulted in renewed predictions from analysts and stakeholders about future of leading coin. While some believe major correction is coming; others have positive view of market trend such as popular market analyst Michael van de Poppe who believes correction is healthy for Bitcoin predicting that if Bitcoin remains above $25300 it will continue rally towards $40000-$50000 levels. He further displayed his thoughts using chart showing this price level had been key in past serving as support or resistance zone for Bitcoin maximums or minimums in 2021 or 2022 respectively.
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