The “BTC Fear and Greed Index” has just approached “Greed” zone, reaching its highest level since April 2023 as a result of Bitcoin’s recent approach to $35,000. The indicator primarily suggested “Fear” in the second half of 2022, although current market optimism points to a recovery in the cryptocurrency industry. High levels of greed could indicate a market drop, but analysts are still upbeat about Bitcoin’s rise given the current circumstances.
The continued recovery of the cryptocurrency market, particularly Bitcoin’s bull run to $35,000, appears to have altered investors’ perceptions of the asset. The well-known “BTC Fear and Greed Index,” a gauge of the general attitude towards the leading cryptocurrency, has crossed into “Greed” zone for the first time since mid-July.
On October 21, as the top digital asset began to rise towards the desired level of $30,000, the trend turned. As of today (October 24), investors seem to be even more greedy, with the index pointing to 66. Noting that this is the largest number since April 16, 2023, is important.
Throughout the second half of 2022, the “BTC Fear and Greed Index” was primarily in the “Fear” or “Neutral” zone. The market’s strong performance since the start of the year and its spectacular surge in recent weeks, however, suggested that the protracted crypto winter might be coming to an end. Extreme Fear may seem a little frightening, but the team behind the metric thinks it can offer a purchasing opportunity.
On the other hand, excessively greedy investors can indicate that a market correction is overdue. Many analysts and authorities have lately released their predictions, indicating that should specific circumstances, such as legislative developments, the impending halving, and interest from institutional investors be present, BTC is on a road of a further price gain.
