• Crypto investor sentiment has been on a slow but steady uptrend, finishing the year in ‘Extreme Fear’ territory.
• The Crypto Fear & Greed Index has now returned to levels not seen since November 2021, when Bitcoin hit its all-time high.
• There is a possibility that Bitcoin will continue its uptrend, and probably break the $30,000 resistance.
Crypto Investor Sentiment Rises
Crypto investor sentiment has been on a slow but steady uptrend since 2023 began, coming out of the ‘Extreme Fear’ territory which saw prices drop to new cycle lows. This was particularly encouraging as it brought the Crypto Fear & Greed Index to levels not seen since November 2021 – right around the time when the price of BTC hit its all-time high.
Favorable Sentiment Signals Possibility Of Uptrend
When the Crypto Fear & Greed Index enters ‘Greed’ territory (a score of 53-100), investors are very likely to invest due to their more optimistic outlook on the market. Tuesday saw this index hit a new 2023 high of 68 – closer than ever before to ‘Extreme Greed’. This signals that crypto investors are looking favorably toward the market and may result in higher prices due to increased liquidity in the market.
Bitcoin Could Break $30,000 Resistance
This heightened positive sentiment could lead to further gains for Bitcoin, with some speculating that it could break through its current $30,000 resistance level. However, this cannot be completely ruled out as periods of high positive sentiment can also signal a top – just like what happened back in November 2020. As such, investors could dump as they take advantage of any gains made so far.
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The recent rise in crypto investor sentiment is certainly encouraging news for those invested in digital currencies like Bitcoin. While there is still no guarantee that Bitcoin will break through its current $30k resistance level or not ,there are plenty of great deals available for crypto investors who want to get involved now!