Bitcoin's Longest Streak of "Extreme Fear" Has Finally Broken
After 73 days of "extreme fear" on the cryptostrach index and greed, investors can breathe a little sigh of relief.
Bitcoin (BTC) finally broke out of the "extreme fear" zone on Tuesday after a whopping 73 days, which coincided with a 19% weekly rise in BTC as bulls return to the market.
The crypto-fear and greed index increased from "extreme fear" to just "fear" on Tuesday, reaching 30 points out of 100. Since then, it has grown slightly to the current index of 31 points.
The index analyzes the current mood of the entire cryptocurrency market, evaluating it on a scale from 0 to 100. The index is based mainly on the volatility, volume and dominance of the bitcoin market, social media sentiment, surveys and search trends data.
Santiment, an online metrics company, noted on Twitter that traders are "changing their tune" and are starting to count on a long-term cryptocurrency breakthrough.
According to the firm, the average BTC financing rate on exchanges has reached its highest level in the last two months, as the price of BTC rises above $23,600, which may indicate the presence of fears of missing out (FOMO).
"Traders are changing their tune and sensing a long-term breakthrough after bitcoin's dominant rise on Tuesday. The #1 crypto asset by market capitalization has the ratio between long and short assets in BTC at its highest level since the beginning of May. Watch out for FOMO," the message from Santiment reads.
CEO of Galaxy DigitalMike Novogratz continues to advertise optimism about the leading cryptocurrency, saying at a Bloomberg conference on Tuesday that he expects BTC to exceed $500,000 over the next 5 years.
"This is a story about two things - about acceptance and the global economy. And while this is a bump in the road to implementation, it's certainly not a U-turn. We still see institutions [...] that have not yet taken part, and who see this as an opportunity," he added.
Novogratz also believes that "the worst has already happened" and "now we are recovering with a couple of good days in a row." He also noted that there is "a good story with Ethereum and the merger, global macro markets are at maximum bearish mood."
On the other hand, Grayscale's "Bear Markets in Perspective" report suggests that the current bear market may last another 250 days.
The Finder product comparison platform made a similar prediction in a survey on July 12: five fintech specialists in Finder and 53 industry experts suggest that BTC will reach the bottom at $ 13,676, and then enter an uptrend to $100,000 by 2025 and $300,000 by 2025-2030.
Bitcoin is worth $23,530 at the time of writing.
https://coin-signal.com/cryptonews/bitcoins-longest-streak-of-extreme-fear-has-finally-broken/
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