Crypto firm Matrix Port has stated that it’s Bitcoin Greed & Fear Index is up, suggesting another bull run for the world’s number one digital currency by market cap may be right around the corner.
Matrix Port: Bitcoin May Be Heading Up
The Index has a long track record of marking trend reversals. As of late, bitcoin has been somewhat stuck in the doldrums, though 2023 has been a year of recovery when compared with the trends of 2022. During that time, bitcoin experienced its worst months on record. The asset lost more than 70 percent of its value over the course of a single year.
In November of 2021, for example, the asset was trading at a new high of about $68,000 per unit, though roughly 12 months later, the asset had crashed into the mid-$15K region, largely due to the collapse of FTX. The following month, in December, the token had settled at around $16,600.
Since the start of 2023, bitcoin has experienced small spikes here in there that have taken it to about $29,000 per unit at the time of writing. The reason this period is marked as somewhat slow and dismal is because bitcoin ultimately rose to about $30K in the middle of the year, so the asset is down for the count right now, though it’s not that far off from where it was, and another rise to $30K isn’t necessarily out of the question, especially given everything the Index is showing us.
The data says any score above 90 percent implies growing optimism to the point of greed, while anything below ten percent is considered lowly and depressing. Right now, the Index shows a score in the high 80 percent range, which is miles better than the 60 percent we were witnessing just a few months ago. Thus, things appear to be turning around for BTC.
It makes sense in a way given there have been many BTC-related developments in previous weeks, the biggest one being the new ETF application submitted by BlackRock. That news caused the prices of both BTC and ETH to surge, and so long as the SEC isn’t issuing a “no,” things remain hopeful. Many analysts believe a greenlight on such an application would cause the BTC price to skyrocket.
Markus Thielen – head of research and strategy at Matrix Port – commented in a statement:
The index appears to have bottomed out as the daily signal (grey) is projecting upside pressure. After four weeks of consolidation, this indicator is tactically bullish and bitcoin prices could resume the uptrend.
Has the Asset Bottomed Out?
The Matrix Port data suggests that bitcoin has hit the bottom of the ladder, meaning it’s not plausible to assume BTC will drop further.
Still, traders and investors are warned to remain cautious.
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