Bitcoin Stays Fearless for 11 Days in a Row as Price Approaches 24K

Bitcoin (BTC) just marked its 11th straight day out of the “fear” zone on the Crypto Fear and Greed Index, cementing its longest streak of fear since last March.

Bitcoin Fear and Greed Index is 61 – Greed
Current price: $23,780

— Bitcoin Fear and Greed Index (@BitcoinFear) January 30, 2023

This occurs when Bitcoin reached $23,955 at 8:10 pm UTC time on January 29, its highest level of the year. Since then, it’s down slightly again, to $23,687 as of this writing.

Meanwhile, Bitcoin sentiment is currently firmly in the “Greed” zone with a score of 61, its highest level since the height of the bull run around November 16, 2021, when its price was around $65,000.

Bitcoin Fear and Greed Index over the past 12 months. Source: Crypto Fear and Greed Index.

However, despite Bitcoin’s strong resurgence in recent weeks, market participants continue to debate whether the recent price surge is part of a bull trap or whether there is a real possibility of a bull run.

Regardless, the current rally has pushed many more BTC holders back into the green.

According to data from blockchain intelligence platform IntoTheBlock, 64% of Bitcoin investors are now making a profit.

Those who bought BTC for the first time in 2019 have now, on average, also turned a profit again, according to on-chain analytics platform Glassnode.

We can calculate the average acquisition price of #Bitcoin by tracking exchange withdrawals.

The chart below shows the average withdrawal price for investors for each year.

The 2019+ $BTC average class is now back in profit (at $21.8k)

Live chart:

— glassnode (@glassnode) January 29, 2023

The average first-time purchase price for BTC investors in 2019 was $21,800, meaning those investors are up an average of 9% to the January 29 price of $23,687.

Related: Bitcoin Targets $25K As BTC Price Nears Best Weekly Close In 5 Months

Meanwhile, a Jan. 29 survey by crypto-market platform CoinGecko revealed that 57.7% of 3,725 voters believe BTC will top $25,000 this week, while only 21.2% of voters believe it will. BTC is poised for a pullback below $22,000.

A CoinGecko survey on BTC price prediction for the next week. Source: CoinGecko

Vailshire Capital founder and CEO Dr. Jeff Ross also provided technical analysis of his own on Jan. 29, suggesting that a $25,000 price rise in the near term may be on the cards:

#bitcoin’s strength on the 4 hour charts continues to be impressive.

While the price action has been trending sideways for over a week, the short-term indicators (MACD, RSI) have reset once again…and are now rising.

Price will likely go up to ~$25k.

(Not investment advice)

— Dr. Jeff Ross (@VailshireCap) January 29, 2023

However, other analysts have called on excited investors to lower some of their expectations.

Principal analyst Joe Burnett of Bitcoin mining firm Blockware told his 43,900 Twitter followers on Jan. 29 that BTC will not hit or break its all-time high of $69,000 until after the next Bitcoin halving event, which it is expected to take place in March 2024. :

I don’t think Bitcoin will hit a new all-time high until after the 2024 halving.

Subdued macro conditions and lessening selling pressure from miners will lead to the next parabolic bull run.

Using Energy Gravity as a possible top indicator, I expect the next peak to be $150k – $350k.

– Joe Burnett ()³ (@IIICapital) January 29, 2023

Macroeconomist and investment adviser Lyn Alden also recently told Cointelegraph that there may be “considerable danger ahead” with potentially risky liquidity conditions expected to rock the market in the second half of 2023.