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Despite the fact that the situation on the cryptocurrency market in recent days is more like a rollercoaster, what its participants are experiencing hardly resembles fear, although it borders on adrenaline.
What is it? According to the popular Crypto Fear & Greed Index, what is dominating the market right now is greed. What's more, it is at its highest level since July this year, which is almost a three-month record.
Alex DovbnyaAccording to the index, it is now possible to assess greed in the market with an index of 73.
For comparison, three days ago, on Oct. 11, the index value was equal to 32 and almost signaled extreme fear. Three days later, this value is more than 128% higher and is already approaching levels that signal extreme greed.
Bitcoin (BTC): Price outlook
At the same time, Bitcoin managed to grow by more than 7.5% and reached the $68,000 mark. More importantly, however, the main cryptocurrency broke through the main dynamic resistance level, which was a serious barrier for the price of BTC over the past six months.
As usual, this move was accompanied by noisy news headlines, both bullish and bearish. It was also accompanied by regulatory twists and turns, as well as what was happening in the U.S. political arena ahead of the November elections.
Either way, what seemed like an uncertain storm amid a series of red and green candles and general fear drove Bitcoin to its highest price for a major cryptocurrency since late July. That is where the switch to greed came in.
What's next? If we follow the logic of fear = growth, then perhaps the market and its participants should wait for a paradigm shift to greed = decline. However, with cryptocurrencies, everything would be easy and everyone would be millionaires.
Alex Dovbnya
Dan Burgin
Vladislav Sopov