The Crypto Fear and Greed Index has reportedly reached its highest index score this year. According to reports, it has already reached a level not seen since Bitcoin‘s all-time high in November 2021. Furthermore, the Index’s most recent update today revealed a score of 68, firmly placing it in the “Greed” category.
More About the Crypto Fear and Greed Index
The Crypto Fear and Greed Index purports to use a numerical scale with a 100 score as the maximum to represent the current “emotions and attitudes” regarding Bitcoin and the cryptocurrency market. According to reports, the latest score on the said index to reach the greatest level was 66 on November 16, 2021. The aforementioned score was revealed only a few days after Bitcoin reached an all-time high of over $69,000 on November 10, 2021.
On the other hand, there were also sentiments surfacing that in light of the Silicon Valley Bank’s collapse that has triggered the fallout in the traditional financial system, chances are alleged that BTC and crypto may go bullish during this point in time. This sentiment is reflected in data released by Coingeck which has unveiled that over the past seven days, Bitcoin has recorded gains of around 27.8%, and hit $28,000 for the first time since June 2022.
The Community’s Reaction to the Index Score
In the current analysis, Markus Thielen, the head of research of Matrixport – a crypto financial service – has allegedly suggested that there is more upside on the cards for BTC, as the “liquidity story continues to be in Bitcoin’s favor.” According to reports, the respective analyst has allegedly adjusted his near-term price target to $36,000 by June 2023, while he has tipped a year-end target of $45,000.
On the other hand, Charles Edwards, the founder, and CEO of investing firm Capriole has apparently predicted an even more aggressive price objective of $100,000 for Bitcoin. Days before the aforementioned index score was announced, Edwards said via Twitter that BTC price action in 2023 would be a “Textbook flawless Bitcoin ‘Bump & Run Reversal,” and that the target will be over $100,000. Despite this, he has stated that pattern charts should not be utilized as a trading or investment strategy.
Prior to the announcement of the Crypto Fear and Greed index score, Ryan Selkis, the founder and CEO of crypto analytics startup Messari, shared a somewhat “rough” prediction via post. He predicted that BTC might reach $100,000 and that the combination of bank failures and changes in government monetary policies will lead to increased outside investment in crypto.