Bitcoin stays out of fear for 11 straight days as price tips near 24K

While debate surrounds whether the current BTC price rally is a breakthrough or a bull trap, market sentiment has skyrocketed to levels not seen before since BTC was about $65,000 in November 2021.
Brayden Lindrea
Posted by Brayden Lindrea January 30, 2023 3 Mins Read
While debate surrounds whether the current BTC price rally is a breakthrough or a bull trap, market sentiment has skyrocketed to levels not seen before since BTC was about $65,000 in November 2021.

Bitcoin (BTC) has just clocked its 11th consecutive day outside the “Fear” zone in the Crypto Fear and Greed Index, cementing its longest streak out of fear since March 2022.

It comes as Bitcoin hit $23,955 at 8:10 pm UTC time on Jan. 29, becoming this year’s newest all-time high. Though it has since come back down slightly to $23,687 at the time of writing.

Meanwhile, Bitcoin sentiment is currently sitting firmly in the “Greed” zone with a score of 61, which hasn’t been seen since the height of the bull run around Nov. 16, 2021, when the price was about $65,000.

Bitcoin Fear and Greed Index over the last 12 months. Source: Crypto Fear and Greed Index.

However, despite Bitcoin’s strong resurgence in recent weeks, market participants continue to debate whether the recent price surge is part of a bull trap or whether there is a real chance for a bull run.

Regardless, the current rally has pushed a lot more BTC holders back into the green.

According to data from blockchain intelligence platform IntoTheBlock, 64% of Bitcoin investors are now in profit.

Those who first bought BTC back in 2019 are now — on average — back in profit too, according to on-chain analytics platform Glassnode.

The average first time buy price for BTC investors in 2019 was $21,800, which means those investors are, on average, up about 9% with today’s current price of $23,687.

Related: Bitcoin eyes $25K as BTC price nears best weekly close in 5 months

Meanwhile, a Jan. 29 poll from crypto market platform CoinGecko has revealed that 57.7% of 3,725 voters believe BTC will exceed $25,000 this week, while only 21.2% of voters believe BTC is primed for a pullback below $22,000.

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

Founder and CEO of Vailshire Capital Dr. Jeff Ross also provided a technical analysis of his own on Jan. 29, suggesting that a price surge towards $25,000 in the short term may be on the cards:

Other analysts have called for excited investors to taper some of their expectations, however.

Head analyst Joe Burnett of Bitcoin mining company Blockware told his 43,900 Twitter followers on Jan. 29 that BTC won’t reach and surpass its all time high (ATH) of $69,000 until after the next Bitcoin halving event, which is expected to take place in March of 2024:

Macroeconomist and investment adviser Lyn Alden also recently told Cointelegraph that there may be “considerable danger ahead” with potentially risky liquidity conditions expected to shake the market in the second half of 2023.

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