Bitcoin (BTC) has just spent its 11th straight day outside of the “fear” zone in the Crypto Fear and Greed Index, cementing its longest streak of fear 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 touched $23,955 at 20:10 UTC on Jan. 29, its highest level for the year. Since then, it has edged back down slightly, standing at $23,687 at the time of writing.
Meanwhile, Bitcoin sentiment is currently sitting firmly in the “greed” zone with a score of 61, the highest since the bull run peaked around November 16, 2021, when its price was around $65,000.
Bitcoin Fear and Greed Index over the last 12 months. Source: Crypto Fear and Greed Index.
However, despite Bitcoin’s strong resurgence over the past few weeks, market participants continue to debate whether the recent price surge is part of a bull trap or if there is a real chance of a bull run.
Regardless, 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 profitable.
Those who first bought BTC in 2019 are now profitable again — on average — according to on-chain analytics platform Glassnode.
We can calculate the average purchase price for #Bitcoin by tracking exchange withdrawals.
The chart below shows the average payout price to investors for each year.
The average 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 initial purchase price for BTC investors in 2019 was $21,800, meaning those investors are up about 9% on average at the Jan. 29 price of $23,687.
Related: Bitcoin has its sights set on $25,000 as BTC price nears best weekly close in 5 months
Meanwhile, a January 29th opinion poll from crypto market platform CoinGecko has revealed that 57.7% of 3,725 voters believe BTC will surpass $25,000 this week, while just 21.2% of voters believe BTC is primed for a drop below $22,000.
A CoinGecko poll on BTC price prediction for the coming week. Source: CoinGecko
The founder and CEO of Vailshire Capital, Dr. Jeff Ross, also provided his own technical analysis on Jan. 29, suggesting that a price rally towards $25,000 is imminent in the near term:
The strength of #Bitcoin on the 4-hour charts continues to impress.
While the price action has been sideways for over a week, the short term indicators (MACD, RSI) have reset again… and are now rising.
A price increase to ~$25,000 is likely.
(No investment advice) pic.twitter.com/QaPbNrxtxZ
– dr Jeff Ross (@VailshireCap) January 29, 2023
However, other analysts have urged excited investors to scale back some of their expectations.
Chief analyst Joe Burnett of bitcoin mining firm Blockware told his 43,900 Twitter followers on Jan. 29 that BTC will not reach and surpass its all-time high of $69,000 until after the next bitcoin halving, 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.
The dovish macro conditions and reduced selling pressure from miners will lead to the next parabolic bull run.
Using Energy Gravity as a potential top indicator, I expect the next top to be around $150,000-$350,000. pic.twitter.com/OfCER7s8Zq
— Joe Burnett ()³ (@IIICapital) January 29, 2023
Macroeconomist and investment advisor Lyn Alden recently told Cointelegraph that there may be “significant danger looming” as potentially risky liquidity conditions will rock the market in the second half of 2023.