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Crypto longest ‘extreme fear’ streak finally breaks

Crypto longest 'extreme fear' streak finally breaks
Photo by Karolina Grabowska/bitcoin on a laptop Photo by Karolina Grabowska/bitcoin on a laptop
Crypto longest 'extreme fear' streak finally breaks
Photo by Karolina Grabowska/bitcoin on a laptop Photo by Karolina Grabowska/bitcoin on a laptop

On the Crypto Fear and Greed Index, there have been 73 days of “severe fear,” so investors can heave a tiny sigh of relief.

After a record 73 days, Bitcoin (BTC) officially left the “severe fear” zone on Tuesday. This was accompanied by a 19 percent weekly rise in Bitcoin (BTC) as bulls started to return to the market.

On July 19, the Crypto Fear and Greed Index rose from “severe fear” to just “fearful,” scoring 30 out of 100. Since then, it has increased marginally, reaching the current index score of 31.

The Index grades the whole cryptocurrency market’s current attitude on a scale of 0 to 100. The index is mostly based on information on search trends, social media mood, surveys, and the volatility, volume, and dominance of the Bitcoin market.

Santiment, an on-chain analytics company, observed on Twitter that traders are “changing their tune” and beginning to anticipate the cryptocurrency’s long-term breakthrough.

The company claims that when BTC’s price goes beyond $23,600, the average financing rate on exchanges has reached its best levels in the previous two months. This might mean some FOMO (Fear of Missing Out) is going on.

Mike Novogratz, CEO of Galaxy Digital, continued to express confidence in bitcoin (BTC), saying at a Bloomberg conference on June 19 that he anticipates the price of BTC to rise beyond $500,000 within the next five years.

“This is a story of two things — it is about adoption and global economics. And while this is a bump in the road in adoption, it is certainly not a U-turn”.

“We continue to see institutions […] that haven’t gotten involved yet, who see this as an opportunity,” he added.

Additionally, according to Novogratz, “the worst has happened,” and “we’re rebuilding with a few nice days in a row.” He added that the global macro markets are at their most negative; thus, there is “a strong story with Ethereum and the Merge.”

The present bear market, however, may continue for another 250 days, according to Grayscale’s “Bear Markets in Perspective” study.

A similar forecast was made as part of a survey on Bitcoin predictions by product comparison site Finder on July 12. Five Fintech experts from Finder and 53 industry professionals predicted that BTC would bottom out at $13,676 before beginning an upward trend toward $100,000 before 2025 and $300,000 by 2030.

Right now, the price of one bitcoin is $23 658.

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