Bitcoin’s very long streak of ‘big scares’ is finally breaking

Bitcoin's very long streak of 'big scares' is finally breaking

On Tuesday, bitcoin (BTC) managed to escape the “extreme fear” zone after 73 days, coinciding with BTC’s 19% weekly increase and bulls returning to the market.

The Fear Index and Saint Crypto went from “extremely afraid” to simply “fearful” on Tuesday, reaching a score of 30 out of 100. It has since gained a bit to reach its current score of 31.

The index analyzes the current outlook of the entire cryptocurrency market, with a score from 0 to 100. The index is based primarily on Bitcoin market volatility, volume and dominance, social media sentiment, surveys and search trend data .

On Twitter, the metrology society on a chain Sentiment a Note that traders are “changing their tune” and starting to envision a long-term breakout from the cryptocurrency.

According to the company, the average BTC funding rate on exchanges has reached its highest levels in the past two months as the price of BTC rises above $23,600 – which could indicate a level of Fear of Loss Out (FOMO) present.

Traders are changing tune and sensing a long-term pause after Tuesday’s #Bitcoin dominant. As the first #cryptocurrency market value rises, the #longs to #shorts ratio of $BTC is at its highest level since early May. Watch out for #FOMO. — Santiment (@santimentfeed) July 19, 2022.

Digital Galaxy CEO Mike Novogratz continues to be bullish on the major cryptocurrency, telling a Bloomberg conference on Tuesday that he expects BTC to break above $500,000 over the next five years:

“It’s a story of two things – it’s about adoption and the global economy. And if it’s a bump in the road to adoption, it’s definitely not going to be a U-turn.”

“We still see institutions […] who were not involved in it before, but now see it as an opportunity,” he said.

Novogratz also believes that “the worst has happened” and “we are now rebuilding for a few good days in a row.” He also noted that “there is good news with Ethereum and Merge, global macro markets are at the peak of decline. »

Also read: Bottom reached? Raoul Pal, Scaramucci refuel, Novogratz and Hayes speak out

On the other hand, Grayscale’s Bear Markets in Perspective report suggests that the current bear market could last another 250 days.

Product comparison platform Finder made a similar prediction as part of a bitcoin prediction survey on July 12. Five Finders and 53 industry experts suggest that bitcoin will bottom out at $13,676 before heading towards $100,000 before 2025 and $300,000 in 2030.

The price of bitcoin at the time of writing is $23,318.

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Bitcoin Price Holds at $23,500, Adding to Bulls “It’s Different This Time”

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