As Bitcoin has been suffering a sharp correction in recent days, more people in the industry have been talking about the rate moves. On Jan. 21, Scott Minerd, primary investment officer at financial services firm Guggenheim, forecasted that Bitcoin is poised to drop to $20,000. The officer still believes that Bitcoin will strike $400,000 in the long-term, but not this year.
Mike Novogratz, the founder of Galaxy Digital, is confident that Bitcoin will rally again. He tweeted on Jan. 21, “Humans arent meant to reside in 150% vol environments. That was the tell. When vol declines will we bottom, base and resume the rally.”.
At publishing time, the Bitcoin price has actually slightly rebounded at around $31,000. The worlds biggest cryptocurrency is down more than 10% over the past 24 hours however is still up about 30% over the past 30 days, according to Cointelegraphs Bitcoin cost index.
Title: Crypto Fear and Greed index drops to October 2020 levels.
Sourced From: cointelegraph.com/news/crypto-fear-and-greed-index-drops-to-october-2020-levels.
Published Date: Fri, 22 Jan 2021 08:28:44 +0000.
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Crypto Fear and Greed Index one-year chart. Source: Alternative.me
Similar to the fear and greed indexes in the traditional markets, the Crypto Fear and Greed index is a tool that determines 2 of the main feelings that influence just how much financiers want to purchase crypto like Bitcoin..
According to Alternative.me, the extreme fear level can be a sign that financiers are too concerned, which might mean a great purchasing opportunity. In contrast, when financiers are getting too greedy, it could be a sign that the market is due for a correction.
Prior to dropping to 40, the Crypto Fear and Greed Index topped at 95 on Jan. 6, demonstrating that financiers turned very greedy amid Bitcoin striking its all-time highs of $42,000 on Jan. 8. The Bitcoin cost consequently saw a major correction, dipping to as low as $28,750 on Jan. 21.
As Bitcoin has been suffering a sharp correction in current days, more individuals in the market have actually been commenting on the rate relocations. On Jan. 21, Scott Minerd, chief financial investment officer at financial services firm Guggenheim, predicted that Bitcoin is poised to drop to $20,000. The exec still believes that Bitcoin will hit $400,000 in the long-lasting, but not this year.
Mike Novogratz, the founder of Galaxy Digital, is positive that Bitcoin will rally once again.
With the Bitcoin (BTC) price dipping listed below a $29,000 threshold, the investor mood is worsening and the Crypto Fear and Greed index has actually plunged to October 2020 levels.
On Jan. 22, the Crypto Fear and Greed index dramatically dropped to a worth of 40, moving the market belief from “Extreme Greed” to “Fear.” The index dropped to this low for the very first time since Oct. 3, 2020, when Bitcoin was trading at around $10,500.