Thu 17 October 2024 ▪
3
min reading ▪ acc
Bitcoin jumped yesterday and briefly hit $68,000, enough to ignite the entire crypto market. This increase caused a significant shift in sentiment and pushed the greed index into “greedy” territory. This reversal suggests sustained upward momentum, fueled by investor hopes. The move into this greed zone is the first in six weeks, raising questions about future trends.
Bitcoin: A remarkable rise
Since October 10, Bitcoin has taken color and is charging 12% increase. He even briefly On October 16, it surpassed $68,000before falling slightly to $67,350.
For crypto enthusiasts, it means a new stage in BTC price development. According to data from IntoTheBlock:
- 95% of Bitcoin holders are in profit;
- 3% are on the threshold of initial investment;
- 2% show a loss.
This peak of optimism obviously attracts potential sellers. Still, the number of active addresses in profit decreased from 112,780 to 91,160 within a day, this is a sign that some are counting on another increase.
Crypto market: Greed goes up a notch
L’entering the greed zone60 today, represents a turning point for the crypto market, after a period of hesitancy since early August. The past few weeks have been eventful, marked by Bitcoin’s dip below $54,000 before this spectacular bounce.
For the first time since July 31st the market is returning to sustained bullish sentimentwhich could mark the beginning of a new phase of expansion.
“ Some profit taking can be expected at this stage “, explains the analyst. Really, an influx of winnings can encourage strategic sales. However, investor retention suggests higher expectations, especially as BTC potentially moves above $70,000.
Finally, it is interesting to note that a week ago the Fear & Greed index reached the neutral zone, reviving hopes of a Bitcoin recovery. The last few days have apparently confirmed this trend.
Maximize your Cointribune experience with our “Read and Earn” program! Earn points for every article you read and get access to exclusive rewards. Register now and start reaping the benefits.
The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.