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

January 30, 2023No Comments

Bitcoin (BTC) just marked its 11th straight day out of the “fear” zone on the Crypto Fear and Greed Index, cementing its longest streak of fear since last March.

This occurs when Bitcoin reached $23,955 at 8:10 pm UTC time on January 29, its highest level of the year. Since then, it's down slightly again, to $23,687 as of this writing.

Meanwhile, Bitcoin sentiment is currently firmly in the “Greed” zone with a score of 61, its highest level since the height of the bull run around November 16, 2021, when its price was around $65,000.

Bitcoin Fear and Greed Index over the past 12 months. Font: 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 if there is a real possibility of a bull run.

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

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

Those who bought BTC for the first time in 2019 have now, on average, also turned a profit again, according to on-chain analytics platform Glassnode.

The average first-time purchase price for BTC investors in 2019 was $21,800, meaning those investors are up an average of 9% to the January 29 price of $23,687.

Related: Bitcoin Targets $25K As BTC Price Nears Best Weekly Close In 5 Months

Meanwhile, on January 29 poll of crypto exchange platform CoinGecko has revealed that 57.7% of 3,725 voters believe that BTC will break above $25,000 this week, while only 21.2% of voters believe that BTC is ready for a pullback below $25,000. the $22,000.

A CoinGecko survey on BTC price prediction for the next week. Font: CoinGecko

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

However, other analysts have called on excited investors to lower some of their expectations.

Chief analyst Joe Burnett of Bitcoin mining company Blockware told his 43,900 Twitter followers on Jan. 29 that BTC will not hit or break its all-time high of $69,000 until after the next bitcoin halving event, which is expected to take place in March 2024:

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