The Crypto Fear & Greed index hit 64 today. It’s the highest value on this index in over 16 months.
In fact, Nov 15th 2021 was the last day the sentiment scored higher that this (72). Not coincidentally, back then BTC was trading near its all-time high. This was at a price of $67,566.83 on Nov 8th 2021.
Although it should be said that the Crypto Fear & Greed Index does not constitute investment advice, financial advice or trading advice, the index is seen as a well-known indicator of market movement.
Another tool often used as an indicator for overall sentiment and trends is the Bitcoin Rainbow Chart.
The chart was developed as a meme, and has had a recent version upgrade to better ‘fit’ the charts. Nevertheless, also here we can see bullish signals.
For the first time since Sept 12th 2022 the chart has climbed out of the ‘BUY’ and ‘Basically a Fire Sale’ categories. We have now entered the ‘Accumulate’ territories. To those fighting the FOMO, at this point in time the Rainbow chart indicates the maximum price of BTC in the ‘HODL’ phase at $62,350.58. This would need a 126% price surge, before we would enter the phase named ‘Is this a bubble?’
Nobody knows whether we are in the mids of a bull trap or whether we are at the start of a bull run. But one thing that is for sure, these signs can be seen as bullish AF.
Happy accumulating everybody!
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