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- For the first time in a long time, the Fear and Greed Index for Bitcoin
is at these levels.
- If the Bitcoin price remains above $25,000, the target could be $40,000.
Despite the weekend calm in the Bitcoin (BTC) price, the “Greed” component of the Fear and Greed Index is approaching its peak!
Investors’ “Greed” is Approaching its Peak!
Bitcoin (BTC) investors are showing high levels of optimism despite recent price volatility, as the Fear and Greed Index shows a strong and bullish market sentiment. The index is currently at 64, very close to its highest level of the year, indicating that investors are more greedy than fearful.
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The Fear and Greed Index uses various factors such as social media posts and Google Trends to measure the mood of the Bitcoin market and gives a score between 0 and 100. A score below 45 indicates fear. Despite the recent price fluctuations between $31,000 and $26,600, the index shows that BTC investors are optimistic about the future of the cryptocurrency.
Bitcoin has maintained its bullish sentiment for much of 2023 and reached a peak of 68 this month. This level has not been observed since 18 months ago when Bitcoin reached its all-time high of $69,000. This month, the price of the cryptocurrency reached approximately the highest point in a year at $31,000, and greed reached 68. Although the Bitcoin price later fell to $26,600, market sentiment remains high.
Will Bitcoin Reach $40,000?
Last week’s price increase resulted in renewed predictions from analysts and stakeholders about the future of Bitcoin. While some believe that a major correction is coming, others have positive views on the market trend.
One of them is popular market analyst Michael van de Poppe, who believes that a correction is healthy for Bitcoin. If Bitcoin stays above $25,300, he predicts that it will continue to rise towards levels of $40,000 to $50,000.
Van de Poppe further explained his thoughts using a chart that shows that this price level has played a key role in the past, serving as a support and resistance zone for Bitcoin’s minimums and maximums in 2021 and 2022.
BTC/USDT Hourly Price Chart
Van de Poppe believes that with Bitcoin’s over 60% value increase so far this year, it could continue to rise above $40,000 in the second half of 2023. However, he noted that this scenario depends on the US Federal Reserve not reversing or changing its monetary policy. For now, the Fed shows no signs of changing its decision to raise interest rates that could affect the cryptocurrency’s price.