Crypto Fear & Greed Index at Highest Level since February 2018, Is $10,000 BTC/USD Up Next?
- Crypto market sentiments pointing at “Extreme Greed”
- People tend to get greedy when the market is rising which results in FOMO
- With Bitcoin Super Guppy flipped green on the 1-week chart, “it shall be a bountiful market the next few years.”
The crypto market is in full on bull mode as Bitcoin remains above $9,000 mark after hitting 13-months high. During the weekend, the leading cryptocurrency surged just shy of touching $9,400 making a new 2019 high.
This has certainly made people greedy as revealed by the Crypto Fear and Greed indicator. The indicator ranges from 0 meaning “Extreme Fear” and 100, a value that represents
This indicator that was first measured in February 2018, currently is at its highest level. Since the data before that isn’t available, it can’t be determined how the current sentiments of fear and greed compare to the previous bull cycles especially of 2017 that took us to the $20,000 peak.
This week, the market sentiments are experiencing “Extreme Greed” at 83 which is a point lower than yesterday's 84. This has climbed up a notch from “Greed” last week at a value of 60 and similarly “greed” at 69 last month.
Given the fact that crypto market behavior is “very emotional,” this sentiment offers great insight into the crypto space.
In reference to the current sentiments, people tend to get greedy when the market is rising and Bitcoin currently is enjoying vast greens while getting ready to hit the $10,000 mark. The greed then results in FOMO (Fear of Missing out) which is what will take us to a new high this time as well.
“When Investors are getting too greedy, that means the market is due for a correction.”
Meanwhile, extreme fear means investors are worried and that could be a buying opportunity as people sell their coins in an irrational reaction of seeing red numbers.
Bitcoin is Getting Ready to Take Out $10k
On Monday, Bitcoin reached its 13-months high and is currently trading at $9,165 with 24 hours loss of 1.11 percent.
The Bitcoin Super Guppy has flipped green on the 1-week chart that crypto trader and investor Josh rager explains,
“it shall be a bountiful market the next few years.”
It's finally here…
The Bitcoin Super Guppy has flipped green on the 1-week chart
2012: 400-day uptrend followed a flip green
2016: 700-day uptrend followed a flip green
2019: the 1W Super Guppy has finally flipped green and it shall be a bountiful market the next few years pic.twitter.com/6zAn1qgtBy
— Josh Rager 📈 (@Josh_Rager) June 18, 2019
Meanwhile, crypto analyst, The Cryptomist is looking at two situations, one is a rising channel and resistance at $9,880 region while other one involves a rising wedge and we struggle to break resistance at the $9.4k region.
At least 30. https://t.co/2xLHqnEGwO
— 🙏🏾 (@RussellOkung) June 18, 2019
The ongoing trade war along with Facebook’s cryptocurrency are playing a catalyst for Bitcoin surging to new highs.
“In this digital world where you have an unseizable, unmanipulatable, uninflatable asset that acts as a store of value, there is going to be a demand for that,”
Rayne Steinberg, chief executive and co-founder at Arca said.
European Central Bank President Mario Draghi just I hinted at new interest rate cuts and more QE.
Add in the May 2020 Bitcoin halving and you have the perfect storm.
Make BTC more scarce.
Long Bitcoin, Short the Bankers!🔥
— Pomp 🌪 (@APompliano) June 18, 2019