Bitcoin stays free from fear for 11 straight days as price nears 24K

Bitcoin stays free from fear for 11 straight days as price nears 24K

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.

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. .

Bitcoin Fear and Greed Index over the past 12 months. Source: Crypto fear and greed index.

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.

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.

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

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:

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.:

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.