In the Crypto Fear and Greed Index, Bitcoin (BTC) has now completed its 11th straight day outside the “Fear” zone, establishing its longest stretch out of fear since late March. At 8:10 p.m. UTC on January 29, Bitcoin reached $23,955, its highest level of the year. Since then, it has somewhat decreased again, now standing at $23,687 as of this writing.
With a mood score of 61, Bitcoin is presently firmly positioned in the “Greed” zone and at its highest point since the peak of the bull run on or around November 16, 2021, whenever its price was still around $65,000.
Bitcoin Price Has Been Staying Constant
According to on-chain analytics company Glassnode, those who initially purchased BTC back in 2019 are currently, on average, back in profit. Investors in BTC are up on average approximately 9% at the price of $23,687 as of January 29 compared to the average first-time buy price in 2019 of $21,800. Meanwhile, according to a Jan. 29 poll by cryptocurrency trading platform CoinGecko, 57.7% of 3,725 respondents expect Bitcoin will reach $25,000 this week, while only 21.2% of respondents think BTC is likely to decline below $22,000.
On January 29, Dr. Jeff Ross, the founder, and CEO of Vailshire Capital offered a technical analysis of his own and speculated that a price increase of $25,000 would be imminent. However, several analysts have advised ecstatic investors to temper their expectations. On January 29, Blockware’s head analyst Joe Burnett tweeted to his 43,900 followers that BTC won’t hit its all-time high of $69,000 until after the subsequent BTC halving, which is anticipated to occur in March 2024.
