Since Bitcoin’s all-time high, the cryptocurrency fear and greed index has increased the most
Since around the time that Bitcoin reached its all-time high almost 16 months ago, sentiment toward the cryptocurrency market is at its highest point.
Since Bitcoin posted its all-time high in November 2021, the Crypto Fear and Greed Index has reached its highest index score this year.
The Index’s score of 68, as of a March 20 update, put it squarely in the “Greed” category.
The highest score on the Crypto Fear and Greed Index, 100, represents the current “emotions and sentiments” toward Bitcoin and the cryptocurrency market.
According to Coingecko, the last time the index’s score was higher than 66 was on November 16, 2021, just a few days after Bitcoin’s all-time high of more than $69,000 was registered on November 10, 2021.
Since Silicon Valley Bank’s demise and the repercussions it had on the established financial system, sentiment toward Bitcoin and other cryptocurrencies has been bullish.
Bitcoin has increased by about 27.8% over the last seven days, according to Coingecko data, and has now reached $28,000 for the first time since June 2022.
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Bitcoin financial services According to Markus Thielen, head of research at Matrixport, there is still more upside for BTC because the “liquidity story continues to be in Bitcoin’s favor.”
By June 2023, the analyst has revised his short-term price target to $36,000 and suggested a year-end target of $45,000.
Founder and CEO of the investment firm Capriole, Charles Edwards, forecast an even more aggressive price target of $100,000 for bitcoin.
In a tweet from March 14, Edwards referred to the price movement of BTC in 2023 as a “Textbook perfect Bitcoin ‘Bump & Run Reversal,” and stated that, in his opinion, “The target is over $100,000.”
However, he did caution against using this as a trading or investment strategy, saying that “chart patterns do fail. Control your risks!
In a March 16 post, Messari’s founder and CEO Ryan Selkis made a similar “rough” forecast, outlining his reasons for believing that Bitcoin could reach $100,000 within the next year.
Selkis predicts that a combination of bank failures and modifications to federal monetary policies will lead to an increase in outside investment in cryptocurrency.
“However, the trick is to thread the needle so that institutions can support it and stand up for it alongside of us. Right now, the best case scenario,” Selkis said.
“BTC is treated as a life raft and peaceful exit option, so this is an optimistic bet on the future,” he continued.
With a 51% increase in year-to-date absolute returns, investment firm Goldman Sachs has named bitcoin the best performing asset this year.
The asset manager revealed that Bitcoin has outperformed a number of other investment indices, including the NASDAQ 100, gold, the S&P 500, and information technology, in a note dated March 17.