Bitcoin stays out of fear for 11 straight days as price tips near 24K
Bitcoin (BTC) has simply clocked its eleventh consecutive day exterior the “Worry” zone within the Crypto Worry and Greed Index, cementing its longest streak out of concern since final March.
Bitcoin Worry and Greed Index is 61 – Greed
Present worth: $23,780 pic.twitter.com/U5gxN3AwnT— Bitcoin Worry and Greed Index (@BitcoinFear) January 30, 2023
This comes as Bitcoin hit $23,955 at 8:10 pm UTC time on Jan. 29, its highest stage of the yr. It has since come again down barely, to $23,687 on the time of writing.
In the meantime, Bitcoin sentiment is at present sitting firmly within the “Greed” zone with a rating of 61, its highest stage for the reason that top of the bull run round Nov. 16, 2021, when its worth was about $65,000.
Nevertheless, regardless of Bitcoin’s robust resurgence in current weeks, market members proceed to debate whether or not the current worth surge is a part of a bull lure or whether or not there’s a actual likelihood for a bull run.
Regardless, the present rally has pushed much more BTC holders again into the inexperienced.
According to information from blockchain intelligence platform IntoTheBlock, 64% of Bitcoin buyers at the moment are in revenue.
Those that first purchased BTC again in 2019 at the moment are — on common — again in revenue too, based on on-chain analytics platform Glassnode.
We are able to calculate the typical acquisition worth for #Bitcoin by monitoring alternate withdrawals.
The chart beneath reveals the typical withdrawal worth for buyers for every year.
The typical class of 2019+ $BTC is now again in revenue (at $21.8k)
Reside Chart: https://t.co/yuhvydV70c pic.twitter.com/skjrM6w5lH
— glassnode (@glassnode) January 29, 2023
The typical first-time purchase worth for BTC buyers in 2019 was $21,800, which implies these buyers are on common up about 9% on the Jan. 29 worth of $23,687.
Associated: Bitcoin eyes $25K as BTC worth nears finest weekly shut in 5 months
In the meantime, a Jan. 29 poll from crypto market platform CoinGecko has revealed that 57.7% of three,725 voters consider BTC will exceed $25,000 this week, whereas solely 21.2% of voters consider BTC is primed for a pullback beneath $22,000.
The founder and CEO of Vailshire Capital, Dr. Jeff Ross, additionally offered a technical evaluation of his personal on Jan. 29, suggesting {that a} worth surge towards $25,000 within the brief time period could also be on the playing cards:
The energy of #bitcoin on the 4-hour charts continues to be spectacular.
Whereas worth motion has trended sideways for over per week, brief time period indicators (MACD, RSI) have as soon as once more reset… and at the moment are ramping increased.
A worth surge to ~$25k is possible.
(Not funding recommendation) pic.twitter.com/QaPbNrxtxZ
— Dr. Jeff Ross (@VailshireCap) January 29, 2023
Different analysts have referred to as for excited buyers to taper a few of their expectations, nevertheless.
Head analyst Joe Burnett of Bitcoin mining firm Blockware advised his 43,900 Twitter followers on Jan. 29 that BTC gained’t attain and surpass its all-time excessive of $69,000 till after the following Bitcoin halving occasion, which is predicted to happen in March 2024:
I don’t suppose Bitcoin will make a brand new all time excessive till after the 2024 halving.
Dovish macro circumstances and decreased miner promote strain will result in the following parabolic bull run.
Utilizing Vitality Gravity as a possible prime indicator, I anticipate the following peak to be $150k – $350k. pic.twitter.com/OfCER7s8Zq
— Joe Burnett ()³ (@IIICapital) January 29, 2023
Macroeconomist and funding adviser Lyn Alden additionally lately advised Cointelegraph that there could also be “appreciable hazard forward” with doubtlessly dangerous liquidity circumstances anticipated to shake the market within the second half of 2023.
