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Another 100 Days Of Greed? Bitcoin Reformation Author Tuur Demeester Shares Interesting Chart

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Wed, 10/06/2021 - 16:08
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Vladislav Sopov
Macro trader and prominent Bitcoiner Tuur Demeester compares ongoing Bitcoin (BTC) upsurge to 2013 and 2017 rallies
Another 100 Days Of Greed? Bitcoin Reformation Author Tuur Demeester Shares Interesting Chart
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Investor and analyst Tuur Demeester, author of the game-changing report "The Bitcoin Reformation" shares his views on what the ongoing BTC price upsurge looks like.

Bitcoin Greed, Round 2.0?

According to the charts shared by Mr. Demeester, the Bitcoin (BTC) supply is back in the "Greed" zone. By "Greed," he means a situation in which more than 55% of Bitcoins are held with unrealized ("paper") profits.

The previous long-term journey to this "Greed" zone resulted in a 200% upsurge in the Bitcoin (BTC) price, boosted by both retail and institutional investors.

It lasted for 196 days in a row and was replaced by an "uncertain" phase of "Optimism/Denial" in May. Mr. Demeester says that a "cooling-off" period is going to end soon.

After "Black Friday" in March 2020, Bitcoin (BTC) ended up in the "Capitulation" zone and not been back there since.

"Fear and Greed" index targets monthly highs

Also, Mr. Demeester noticed that the last two bullruns (in 2013 and in 2017) had two waves each. Thus, Bitcoin's (BTC) rush to $65,000 in May is most likely attributed to the first stage of this rally.

As covered by U.Today, Bitcoin (BTC) briefly touched the magnificent level of $55,555 on major spot platforms today. At press time, the king coin is changing hands at $54,822, printing a 10% spike in 24 hours.

Related
Bitcoin's Market Cap Tops $1 Trillion as Price Reclaims $55K

Bitcoin's "Fear and Greed" index by Alternative is surging for the third day in a row. Yesterday, it entered the "Greed" zone and is now estimated at 68/100.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)