Bitcoin (BTC) just marked its 11th straight day outside the “Fear” zone in the Crypto Fear and Greed Index, cementing its longest fear streak 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) January 30, 2023
This comes as Bitcoin hit $23,955 at 8:10 p.m. UTC time on January 29, its highest level of the year. It has since fallen slightly, to $23,687 at the time of writing.
Meanwhile, Bitcoin sentiment is currently firmly entrenched in the ‘Greed’ zone with a score of 61, its highest level since the peak of the bull run around November 16, 2021, when its price was around $65,000. .
However, despite Bitcoin’s strong resurgence in recent weeks, market participants continue to wonder if the recent price surge is part of a bullish trap or if there is a real chance for a bull run.
Either way, 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.
According to on-chain analytics platform Glassnode, those who first bought BTC in 2019 are now – on average – back in profit.
We can calculate the average acquisition price for #Bitcoins tracking currency withdrawals.
The graph below shows the average withdrawal price for investors for each year.
The middle class of 2019+ $BTC is now back in profit (at $21.8k)
Live chart: https://t.co/yuhvydV70c pic.twitter.com/skjrM6w5lH
— glass node (@glassnode) January 29, 2023
The average first-time buy price for BTC investors in 2019 was $21,800, meaning those investors are on average up about 9% from 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 survey from crypto market platform CoinGecko revealed that 57.7% of 3,725 voters believe BTC will break above $25,000 this week, while only 21.2% of voters believe BTC is poised for a pullback in below $22,000.
Vailshire Capital Founder and CEO, Dr. Jeff Ross, also provided his own technical analysis on January 29, suggesting that a price surge towards $25,000 in the near term could be on the cards:
The strength of #bitcoin on the 4-hour charts continues to be impressive.
While the price action has been moving sideways for over a week, the short-term indicators (MACD, RSI) have reset again…and are now up.
A price surge to ~$25,000 is likely.
(No investment advice) pic.twitter.com/QaPbNrxtxZ
— Dr. Jeff Ross (@VailshireCap) January 29, 2023
However, other analysts called on eager investors to lower some of their expectations.
Chief analyst Joe Burnett of Bitcoin mining firm Blockware told his 43,900 Twitter followers on January 29 that BTC would only reach and surpass its all-time high of $69,000 after the next halving event. Bitcoin, which is expected to take place in March 2024.:
I don’t think Bitcoin will hit a new all-time high before the 2024 halving.
Accommodative macro conditions and diminished selling pressure from miners will lead to the next parabolic bull run.
Using Energy Gravity as a potential upper indicator, I expect the next peak to be $150,000-$350,000. pic.twitter.com/OfCER7s8Zq
— Joe Burnett ()³ (@IIICapital) January 29, 2023
Macroeconomist and investment advisor Lyn Alden also recently told Cointelegraph that there could be “considerable danger ahead” with potentially risky liquidity conditions set to rock the market in the second half of 2023.