Bitcoin Fear and Greed Index: Is Now the Last Chance to Buy BTC in 2024?
The Bitcoin Fear and Greed Index is causing a stir in the crypto world, with analysts pointing to it as a last chance to buy BTC. The current market conditions are being seen as prime buying territory, with data supporting the rumors. As of April 24, Bitcoin’s OI-weighted funding rate has turned positive, indicating a surge in optimism for long-term bets.
Standard Chartered, a British international bank, has made a bold prediction that Bitcoin will reach $150,000 by the end of 2024. Other analysts, such as Checkmate and Crypto Banter host Kyle Doops, are also optimistic about the market, citing recent volatility in the Bitcoin Fear and Greed Index as signs of a healthy market reset and a possible uptick for Bitcoin.
While Bitcoin’s value has dropped slightly today, altcoins are also experiencing a downturn. However, experts believe that Bitcoin is far from running out of steam, with historical data showing a correlation between funding flows and bullish price movements.
Analysts are also looking at the potential for altcoins to make a comeback, with indicators suggesting that Altcoin Summer 2024 could be on the horizon. The Gaussian Channel, a metric used to gauge price movements, has indicated a surge in altcoins, with the last breakout from the channel leading to a strong Altcoin Season.
Overall, the Bitcoin Fear and Greed Index is causing excitement in the crypto market, with predictions of a bright future for both Bitcoin and altcoins. While the index may continue to be volatile, experts believe that structural drivers will push Bitcoin and Ethereum towards their predicted heights of $150,000 and $8,000, respectively.
