Skip to main content

Bitcoin stays out of fear for 11 straight days as price tips near 24K

Bitcoin's huge price surge in January has meant that 64% of Bitcoin investors are in profit, according to data from IntoTheBlock.

Bitcoin (BTC) has just clocked its 11th consecutive day outside the “Fear” zone in the Crypto Fear and Greed Index, cementing its longest streak out of fear since March 2022.

It comes as Bitcoin hit $23,955 at 8:10 pm UTC time on Jan. 29, becoming this year’s newest all-time high. Though it has since come back down slightly to $23,687 at the time of writing.

Meanwhile, Bitcoin sentiment is currently sitting firmly in the “Greed” zone with a score of 61, which hasn’t been seen since the height of the bull run around Nov. 16, 2021, when the price was about $65,000.

Bitcoin Fear and Greed Index over the last 12 months. Source: Crypto Fear and Greed Index.

However, 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 for a bull run.

Regardless, the current rally has pushed a lot 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 — back in profit too, according to on-chain analytics platform Glassnode.

The average first time buy price for BTC investors in 2019 was $21,800, which means those investors are, on average, up about 9% with today’s current price of $23,687.

Related: Bitcoin eyes $25K as BTC price nears best weekly close in 5 months

Meanwhile, a Jan. 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 primed for a pullback below $22,000.

A CoinGecko poll on BTC price prediction for the upcoming week. Source: CoinGecko.

Founder and CEO of Vailshire Capital Dr. Jeff Ross also provided a technical analysis of his own on Jan. 29, suggesting that a price surge towards $25,000 in the short term may be on the cards:

Other analysts have called for excited investors to taper some of their expectations, however.

Head analyst Joe Burnett of Bitcoin mining company Blockware told his 43,900 Twitter followers on Jan. 29 that BTC won’t reach and surpass its all time high (ATH) of $69,000 until after the next Bitcoin halving event, which is expected to take place in March of 2024:

Macroeconomist and investment adviser Lyn Alden also recently told Cointelegraph that there may be “considerable danger ahead” with potentially risky liquidity conditions expected to shake the market in the second half of 2023.



from https://ift.tt/cJpvzF9
https://ift.tt/sMW7jNS
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

Coinbase reportedly hits pre-IPO valuation of $100 billion in private auction

The major exchange is inching closer to a public offering. Prominent Bitcoin ( BTC ) and cryptocurrency exchange Coinbase could be headed for an IPO valuation of $100 billion, after shares reportedly sold for up to $375 each in a private auction. Shares in Coinbase Global Inc. reportedly traded for a price between $350 and $375 per unit on the Nasdaq private auction market last week, giving the company a pre-IPO valuation of between $90–$100 billion, according to a report by Bloomberg. Trading reportedly ended with the share price at $350. A Coinbase series E funding round in 2018 first saw the stock valued at a potential $8 billion. That valuation increased as shares were then privately traded at a price of $200 on a private forum created by Coinbase in January. The company was deemed to hold a valuation of roughly $50 billion at the time. The price of privately traded shares is partly used to set a reference price for the stock when companies finally go public on the Nasdaq pla...
Post a Comment
Read more

Korean crypto ‘Jedi Master’ plans to launch second VC blockchain fund

Blockchain VC investment firm Hashed is seeking $173 million for a second fund. One of South Korea’s leading blockchain evangelists is embarking on another huge blockchain fundraise following the success of his first. Simon Seojoon Kim is planning to raise $173 million for a second blockchain fund following the success of the initial one which netted $120 million from investors in December 2020 . Specifics regarding the new fund and its potential investors are thin on the ground however. Kim, dubbed “the Jedi Master of cryptocurrency” by Sean Park, a senior partner at Hong Kong-based Boston Consulting Group, co-founded the blockchain and crypto venture capital firm Hashed in 2018. The firm invests in crypto startups to enable them to grow through staff expansion, partnerships and marketing. It has attracted big-name financiers such as Naver, South Korea’s third-largest company by market value, which invested $12 million in the first Hashed blockchain fund. The Seoul-based compan...
Post a Comment
Read more

Chinese banks tell staff to recruit up to 300 new digital yuan users each

Six of China’s top banks have tasked their employees with promoting digital yuan wallets to between 200 to 300 people a year. Chinese banks have begun a hard sell of digital yuan wallets, asking staff to recruit hundreds of new users each year. According to a translation of a June 6 article from Shenlian Caijing, employees of top banks such as the Industrial and Commercial Bank of China and the Bank of Communications, along with four other state-owned banks, have been instructed to promote digital yuan wallets to an average of 200 to 300 people a year. To entice new users, employees are able to offer an odd variety of small gifts, such as “laundry detergent, data cables, card holders, Chinese knots, umbrellas, and tissues.” The banks have included the task of promoting the central bank digital currency (CBDC) on employee evaluations, with the number of CBDC wallet recruits determining each branch's end of year bonuses. Essentially the banks have deployed an incentive scheme ...
Post a Comment
Read more