Bitcoin stays out of fear for 11 straight days as price tips near 24K
Bitcoin (BTC) just clocked its 11th consecutive day outside the “Fear” zone in the Crypto Fear and Greed Index, setting the longest streak of fear since last March.
Bitcoin Fear and Greed Index is 61 – Greed
Current price: $23,780 pic.twitter.com/U5gxN3AwnT— Bitcoin Fear and Greed Index (@BitcoinFear) 30 January 2023
This comes as Bitcoin hit $23,955 at 20:10 UTC time on January 29, the highest level of the year. It has since gone back down a bit, to $23,687 at the time of writing.
Meanwhile, Bitcoin sentiment is currently stuck in the “Greed” zone with a score of 61, the highest level since the height of the bull run around November 16, 2021, when the price was around $65,000.
Despite Bitcoin’s strong resurgence in recent weeks, market participants continue to debate whether the recent price surge is part of a bull trap or whether there is a real chance of a bull run.
Regardless, the current rally has pushed many more BTC holders back into the green.
According to data from blockchain intelligence platform IntoTheBlock, 64% of Bitcoin investors are now in profit.
Those who first bought BTC back in 2019 are now – on average – also back in profit, according to the analysis platform Glassnode on the chain.
We can calculate the average acquisition price for #Bitcoin by tracking stock exchange withdrawals.
The chart below shows the average withdrawal price for investors for each year.
The average class for 2019+ $BTC is now back in profit (at $21.8k)
Live Chart: pic.twitter.com/skjrM6w5lH
— glassnode (@glassnode) 29 January 2023
The average first-time purchase price for BTC investors in 2019 was $21,800, which means that these investors are on average up by approx. 9% to the January 29 price of $23,687.
Related: Bitcoin eyes $25,000 as BTC price nears best weekly close in 5 months
Meanwhile, a January 29 Poll from crypto market platform CoinGecko has revealed that 57.7% of 3,725 voters believe BTC will exceed $25,000 this week, while only 21.2% of voters believe BTC is poised for a pullback below $22,000.
Vailshire Capital founder and CEO Dr. Jeff Ross also provided a separate technical analysis on Jan. 29, suggesting that a near-term rally toward $25,000 could be on the cards:
The strength to #bitcoin on the 4-hour charts continue to be impressive.
While price action has been trending sideways for over a week, short-term indicators (MACD, RSI) have again reset…and are now rising.
A price increase to ~$25k is likely.
(Not investment advice) pic.twitter.com/QaPbNrxtxZ
— Dr. Jeff Ross (@VailshireCap) 29 January 2023
However, other analysts have asked jittery investors to scale back some of their expectations.
Chief analyst Joe Burnett at Bitcoin mining company Blockware told his 43,900 Twitter followers on January 29 that BTC will not reach and surpass the all-time high of $69,000 until after the next Bitcoin halving event, which is expected to take place in March 2024 :
I don’t think Bitcoin will make another all time high until after the halving in 2024.
Dovish macro conditions and reduced selling pressure for miners will lead to the next parabolic bull run.
Using Energy Gravity as a potential top indicator, I expect the next top to be $150k – $350k. pic.twitter.com/OfCER7s8Zq
— Joe Burnett ()³ (@IIICapital) 29 January 2023
Macroeconomist and investment advisor Lyn Alden also recently told Cointelegraph that there could be “significant danger ahead” with potentially risky liquidity conditions expected to shake the market in the second half of 2023.
