Bitcoin (BTC) investors are showing a high level of optimism despite the recent price volatility, with the Fear & Greed Index tracked by Coinstats Explorer indicating a strong and bullish market sentiment. Currently, at a level of 64, the index is very close to the year’s high, suggesting that investors are more greedy than fearful.

The Fear & Greed Index uses a variety of factors, including social media posts and Google Trends, to gauge the mood of the bitcoin market and assigns a score from 0 to 100.  A score above 55 indicates a prevailing sense of greed, while a score below 45 indicates fear. Despite recent price fluctuations between USD 31,000 and USD 26,600, the index shows that BTC investors remain optimistic about the future of the cryptocurrency.

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Bitcoin has sustained a bullish market sentiment for most of 2023, reaching a peak of 68 this month. This level has not been observed since 18 months ago, when Bitcoin reached its all-time high of $69,000. This month, the cryptocurrency’s price peaked at $31,000, its highest point in nearly a year, with greed reaching a level of 68. Although bitcoin later fell to $26,600, market sentiment remains elevated.

Will Bitcoin Hit $40,000? 

The recent price surge in the past week has resulted in renewed predictions from analysts and stakeholders about the future of the leading coin. While some believe a major correction is coming, others have a positive view of the market trend. 

One of these is popular market analyst Michael van de Poppe, who believes a correction is healthy for Bitcoin. He

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Author: Olowoporoku Adeniyi

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