Crypto Fear and Greed index shows that traders are afraid
As Crypto Fear and Greed index fell to levels equal to that of October 2020, it can be argued that market sentiment has changed status from “Extreme Greed” to “Fear.”
Bitcoin was enjoying its growth over the past weeks and gaining more and more popularity while in the past days it has been dropping and at times reaching as low as 29K leading to worsening the traders’ mood and a sharp decrease in Crypto Fear and Greed index which is as low as that of October 2020 level.
Crypto Fear and Greed Index one-year chart. Source: Alternative.me
The market sentiment changed from “Extreme Greed” to “Fear” when its index fell to 40 on Jan. 22. These two emotions in crypto markets are of paramount importance just like their counterparts in the traditional markets. These two factors suggests the likelihood of traders’ interest in purchasing of the crypto.
Extreme fear level suggests that the traders are so upset and there’s a nice purchasing chance according to Alternative.me. The opposite also may occur as at times traders turn so greedy.
The aforementioned index shows that on Jan. 6, the investors had been so greedy that the index reached 95 when Bitcoin set a new record in its ATH of 42K two days later. This was followed by a huge price correction for Bitcoin, touching 28K.
There were predictions for the Bitcoin fall. For instance, Minerd, Chief investment officer at Guggenheim predicted that BTC would plunge as deep as 20K, yet there are others such as Mike Novogratz, the founder of Galaxy Digital, who think BTC will recover and rise again in the long run.
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