The Crypto Fear and Greed index has reached a new highest index point of 68 percent following the bullish performance of Bitcoin (BTC) hitting its all-time high almost 16 months ago according to the March 20 Index report.
It should be noted that the Crypto Fear and Greed Index provides the status quo on emotion and sentiments toward Bitcoin and the cryptocurrency market in general. The highest point in the circle is 100.
Recall that the last time the index score exceeded 66 percent was on Nov. 16, 2021, which was a few days after Bitcoin reached an all-time high of over $69,000 according to data from Coinlore.
Interestingly, sentiment toward the crypto market has been extremely bullish since the indiscriminate collapse of Silicon Valley Bank as well as the sudden takeover of Signature bank by regulators.
Within the past seven days, Bitcoin has recorded more than 27.8% according to CoinMarketCap data. In the same vein, it hit $28,000 for the first time since the U.S. bank crisis started.
However, crypto financial services Matrixport’s head of research Markus Thielen revealed on March 20 that Bitcoin can rally more because the ongoing liquidity crisis is in favour of Bitcoin.
Thielen further adjusted his near-term price target to $36,000 by June 2023, stressing that the year-end price for Bitcoin will be $45,000.
Examining Bullish Sentiments on Bitcoin
Following the rise of crypto fear and greed, bullish sentiments are not taking back seats. On March 17, the former Coinbase Chief Technology Officer (CTO), Balaji Srinivasan, envisaged that a global banking crisis would push Bitcoin’s price to $1 million within 90 days.
In the same vein, Charles Edwards, founder and CEO of investment firm Capriole, predicted that BTC will hit $100,000 in a manner being described as “Textbook perfect Bitcoin Bump and Run Reversal.”
Meanwhile, Ryan Selkis, founder and CEO of crypto analytics firm Messari envisaged that more banks will fail and federal monetary policies will be altered, which will favour the crypto market.
https://twitter.com/twobitidiot/status/1636547059313516545?t=rKvjHUEyfHQyoDhtFmJZaw&s=19
At this juncture, retail and institutional investors should tread with caution because anything is possible in the crypto market.
