Crypto Fear and Greed Index Points to Bitcoin Price Path to $40K

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Crypto concern and greed index has moved to the greed space forward of the upcoming Bitcoin choices expiry. Bitcoin worth was buying and selling at $30,392 on Wednesday, the place it has been prior to now few days. This worth is a number of factors under the year-to-date excessive of $31,478. At its peak, the coin jumped by greater than 104% from the bottom stage in 2022.

Fear and greed index factors to greed

The crypto concern and greed index has made a robust restoration prior to now few weeks. It has moved from the concern zone of 41 to the greed space of 62. This signifies that buyers are getting modestly grasping helped by the current ETF information. The most up-to-date Bitcoin information got here on Tuesday when Fidelity introduced that it had filed its ETF proposal with the SEC.

Investors imagine {that a} spot ETF will lead to extra demand for Bitcoin from institutional buyers. Still, this view ought to be taken with a grain of salt since ProfessionalShares Bitcoin Strategy ETF (BITO) has had modest development prior to now few years. It now has about $1 billion in belongings. While BITO tracks Bitcoin futures, it has an in depth correlation with Bitcoin itself.

The concern and greed index factors to extra upside for Bitcoin since buyers have a tendency to purchase it when there may be greed out there. Perhaps, these good points will occur forward or after the upcoming Bitcoin choices expiry scheduled for Friday this week.

Data reveals that the majority of those choices are calls with a strike worth of about $30,000. This explains why Bitcoin has barely moved this week.

Bitcoin worth prediction

technical evaluation will help you are expecting the subsequent worth motion of a cryptocurrency or different belongings. Turning to the each day chart, we see that Bitcoin is oscillating on the 50% Fibonacci Retracement stage. This is a vital stage that merchants have a look at.

At the identical time, this is a vital worth because it was the best level on April 14th. Most importantly, the coin has shaped what seems to be like a bullish pennant sample. Therefore, there’s a probability that the value will quickly have a bullish breakout as consumers goal the subsequent key stage at $35,000. This worth is about 15% above the present stage. A transfer above this stage will see it soar to the subsequent resistance level at $40,000.