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Bitcoin Fear and Greed Index Hits 23 – Good Sign, Crypto Analyst Claims

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  • Yuri Molchan
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    The Index of Fear and Greed hits the 23 mark, Bitcoin price is performing 0.618-0.65 Fibonacci level retrace – those are good signs, a crypto analyst believes

Bitcoin Fear and Greed Index Hits 23 – Good Sign, Crypto Analyst Claims
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Despite the Bitcoin price dropping heavily over the past few days, many in the crypto community remain optimistic. Some are saying that big retracements are normal. Tuur Demeester believes that the overall Bitcoin uptrend started in 2015 is still intact.

Peter Brandt, the legend of the traders’ world, supports him by saying that all so-called bulls must be purged on Twitter so the market can have a proper buy signal and push the Bitcoin price towards $50,000.

One of crypto analysts is pointing out the low figure of the Fear and Greed Index, where fear is incresing, claiming this could be a good sign for Bitcoin.

More fear means more greed

The analyst @CryptoMichNL says that the Fear & Greed Index has dropped with fear rising 23 percent.

The expert says a big growth of fear in this index is good. This is because as fear grows and the BTC price drops heavily, major investors (the so-called gain hunters) tend to follow fear of the market majority and start buying.

Besides, as the index value approaches the highest point of fear (the lowest value of the index), the index reverses and greed starts growing. This affects the Bitcoin price positively.

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‘The 0.618-0.65 Fibonacci level retrace’

The same analyst says that Bitcoin is going through the 0.618-065 Fib level retrace. Often seen in uptrending markets, he points out.

@CryptoMichNL also emphasizes that a similar retrace was observed in 2017, when China imposed its crypto ban.

The co-founder of Litecoin, Xinxi Wang, reminds his followers that the massive bull run in 2017 started exactly after China made a move and banned ICOs, Bitcoin and crypto exchanges. Yesterday, China initiated another round of its war against crypto exchanges. Who knows how it will affect the market this time, he writes.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Fees Could Exceed $100 in 2020: Blockchain Capital

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  • Alex Dovbnya
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    Bitcoin could hit a new all-time high with network fees exceeding $100 in 2020, according to Blockchain Capital

Bitcoin Fees Could Exceed $100 in 2020: Blockchain Capital
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Blockchain Capital's Spencer Bogart has recently published a list of 2020 predictions for cryptocurrency predictions. The most remarkable one concerns Bitcoin fees that are expected to surpass $100 next year due to the growing demand for transactions.

Back in December 2017, during the heyday of crypto, the average Bitcoin transaction fee increased to $55. As of Dec. 12, 2018, it is just at $0.52, BitInfoCharts data shows.    

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Bitcoin blast past a new all-time high 

According to Blockchain Capital, Bitcoin is set to experience another price rally in 2020 that could push its price above the current all-time high of $20,000. However, it is very unlikely to touch reach $1 mln (sorry, John McAfee).  

The crypto community expects the BTC price to skyrocket because of the upcoming halvening after the enormous returns of the previous two events. This time around, the reward for each mined coins will be decreased to just 6.25 coins. 

As reported by U.Today, the famous stock-to-flow model, which measures the coin's value by determining its scarcity, would be invalidated if Bitcoin didn't surge past the $100,000 mark before December 2021. 

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Privacy coins get delisted 

In the meantime, Blockchain Capital suggests that 2020 is going to be a tough year for stablecoins. Major exchanges could be forced to delist the likes of Monero (XMR), Zcash (ZEC), and other anonymous cryptocurrencies due to growing regulatory pressure. 

The writing is already on the wall. ZEC, which recently reached a new all-time low, was delisted from Coinbase UK back in August. In October, OKEx Korea moved to delist all major privacy coins but later decided to review its decision.     

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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