Bitcoin (BTC) has simply clocked its eleventh consecutive day outdoors the “Worry” zone within the Crypto Worry and Greed Index, cementing its longest streak out of worry since March 2022.Bitcoin Worry and Greed Index is 61 – Greed
Present worth: $23,780— Bitcoin Worry and Greed Index (@BitcoinFear) January 30, 2023

It comes as Bitcoin hit $23,955 at 8:10 pm UTC time on Jan. 29, turning into this yr’s latest all-time excessive. Although it has since come again down barely to $23,687 on the time of writing.In the meantime, Bitcoin sentiment is presently sitting firmly within the “Greed” zone with a rating of 61, which hasn’t been seen for the reason that peak of the bull run round Nov. 16, 2021, when the worth was about $65,000.Bitcoin Worry and Greed Index during the last 12 months. Supply: Crypto Worry and Greed Index.Nonetheless, regardless of Bitcoin’s robust resurgence in current weeks, market individuals proceed to debate whether or not the current worth surge is a part of a bull lure or whether or not there’s a actual likelihood for a bull run.Regardless, the present rally has pushed much more BTC holders again into the inexperienced.Based on information from blockchain intelligence platform IntoTheBlock, 64% of Bitcoin buyers at the moment are in revenue. Those that first purchased BTC again in 2019 at the moment are — on common — again in revenue too, in response to on-chain analytics platform Glassnode.We are able to calculate the typical acquisition worth for #Bitcoin by monitoring alternate withdrawals.The chart under reveals the typical withdrawal worth for buyers for annually.The typical class of 2019+ $BTC is now again in revenue (at $21.8k)Dwell Chart:— glassnode (@glassnode) January 29, 2023

The typical first time purchase worth for BTC buyers in 2019 was $21,800, which implies these buyers are, on common, up about 9% with at the moment’s present worth of $23,687.Associated: Bitcoin eyes $25K as BTC worth nears finest weekly shut in 5 months In the meantime, a Jan. 29 ballot from crypto market platform CoinGecko has revealed that 57.7% of three,725 voters imagine BTC will exceed $25,000 this week, whereas solely 21.2% of voters imagine BTC is primed for a pullback under $22,000.A CoinGecko ballot on BTC worth prediction for the upcoming week. Supply: CoinGecko.Founder and CEO of Vailshire Capital Dr. Jeff Ross additionally supplied a technical evaluation of his personal on Jan. 29, suggesting {that a} worth surge in direction of $25,000 within the brief time period could also be on the playing cards:The power of #bitcoin on the 4-hour charts continues to be spectacular.Whereas worth motion has trended sideways for over per week, brief time period indicators (MACD, RSI) have as soon as once more reset… and at the moment are ramping greater.A worth surge to ~$25k is possible.(Not funding recommendation)— Dr. Jeff Ross (@VailshireCap) January 29, 2023

Different analysts have referred to as for excited buyers to taper a few of their expectations, nevertheless.Head analyst Joe Burnett of Bitcoin mining firm Blockware instructed his 43,900 Twitter followers on Jan. 29 that BTC gained’t attain and surpass its all time excessive (ATH) of $69,000 till after the subsequent Bitcoin halving occasion, which is predicted to happen in March of 2024:I don’t assume Bitcoin will make a brand new all time excessive till after the 2024 halving.Dovish macro circumstances and decreased miner promote strain will result in the subsequent parabolic bull run.Utilizing Vitality Gravity as a possible high indicator, I anticipate the subsequent peak to be $150k – $350k.— Joe Burnett ()³ (@IIICapital) January 29, 2023

Macroeconomist and funding adviser Lyn Alden additionally lately instructed Cointelegraph that there could also be “appreciable hazard forward” with doubtlessly dangerous liquidity circumstances anticipated to shake the market within the second half of 2023.

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