The Bitcoin fear and greed index has now moved past its middle point, rising from extreme fear to its current state at neutral. Although the asset has rarely seen a market sentiment past the middle ground, the current rating is now 54/100.
Bitcoin Fear and Greed Index
The market sentiment around the price of Bitcoin has been quite harsh, with the market at extreme fear when the price dropped down. After the most recent dip with the price of BTC hitting $32K, however, the market has slowly recovered from a state of extreme fear to now a state of neutrality.
The Bitcoin fear and greed index has been reporting a fearful market, with its sentiment reaching 10/100 during its low point. Slowly, as the price has started recovering, the market sentiment has also slowly recovered, now reaching a state of neutrality.
Bitcoin Fear and Greed Index is 54. Neutral
— Bitcoin Fear and Greed Index (@BitcoinFear) February 9, 2022
Current price: $44,017 pic.twitter.com/RJIXANkooD
Market Cap Dominance Remains Strong at 40.15%
This, however, has to be taken with caution since the market is not yet in its greed state, which confirms a bullish trend. To add, despite the market being in a state of extreme greed when it hit its all time high, the market still dipped from $69K to the $45K mark.
As seen on CoinGecko, the market cap dominance of Bitcoin is at an extremely strong 40.15%, with a market cap of $826.6 billion. In addition, Bitcoin is slowly closing the gap between its current price and at its all-time high at just -36.3%.
Bitcoin Price Prediction
An article by FXStreet provides technical analysis as to what the next support for Bitcoin is. As per the article, the current support of Bitcoin is now at the $43K mark, and if it doesn't hold, there could be a "strong sell-off towards the $37,400 value area."
As per an article by Yahoo Finance, experts are now saying that Bitcoin could still top $100K, but this time, at the end of 2023. Despite the previous predictions that Bitcoin would hit the $100K mark by 2021, although the timeline has changed, there is still a strong belief that the asset will reach that price point.
Worst Case Scenario for Bitcoin in 2022?
To add, other experts are saying Bitcoin won't reach $70K by the end of 2022 with others like a professor of finance at Sussex University, Carol Alexander, noted that the price of Bitcoin could wipe off all gains it has had in the past year and a half and still drop to "as low as $10K in 2022."
As of the moment, however, the market sentiment regarding Bitcoin is still neutral, meaning it could still either go up or go down depending on whether it hits its support or resistance.
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This article is owned by Tech Times
Written by Urian B.
