- The Crypto Fear and Greed Index has reached its highest level in 2023, surpassing levels not seen since BTC’s ATH in November 2021.
- Market sentiment towards Bitcoin and cryptocurrency has been bullish since the collapse of SVB.
The Crypto Fear and Greed Index has reached its highest level in 2023, surpassing levels not seen since Bitcoin’s [BTC] all-time high (ATH) in November 2021.
The latest Index update showed a score of 68, firmly placing it in the “Greed” category.
Source: Alternative.me
The Crypto Fear and Greed Index attempts to numerically represent current “emotions and sentiments” towards Bitcoin and the broader cryptocurrency market, with a maximum score of 100.
The index last scored 66 on 16 November 2021, only a few days after Bitcoin recorded ATH of over $69,000 on 10 November 2021.
Since the collapse of Silicon Valley Bank and the subsequent fallout in the traditional financial markets, market sentiment towards Bitcoin and cryptocurrency has been bullish.
Bitcoin has gained around 27.8% over the past week, reaching $28,000 for the first time since June 2022.
Source: CoinMarketCap
Can BTC hit $100,000?
The founder and CEO of investment firm Capriole, Charles Edwards, predicted an even more ambitious price target of $100,000 for Bitcoin. In a recent tweet, Edwards described BTC price action in 2023 as a:
“Textbook perfect Bitcoin ‘Bump & Run Reversal.”
He further believed that “the target is over $100,000.” He, however, added,
“Chart patterns do fail. Don’t use this as a trading/investment plan. Manage your risks!”
Textbook perfect Bitcoin "Bump & Run Reversal" bottom is back and the target is over $100,000. pic.twitter.com/w1dvI2r57Q
— Charles Edwards (@caprioleio) March 15, 2023
Ryan Selkis, founder and CEO of crypto analytics firm Messari, shared a similar prediction recently, explaining why he thought it was possible that Bitcoin could reach $100,000 in the next twelve months.
According to Selkis, several factors, such as bank failures and changing federal monetary policies, will cause increased outside investment in cryptocurrency.
My rough prediction for the next twelve months:
1. More bank failures in the next couple of weeks.
2. Fed cuts / QE is back!
3. BTC climbs, sustained moderate inflation.
4. "Outside Money" / "Sound Money" -> $100k / BTC.
5. Institutions buy faster than Feds can shut down.Game.
— Ryan Selkis ? (@twobitidiot) March 17, 2023
He added:
“This is an optimistic bet on the future, as BTC is treated as a life raft and peaceful exit option.”
Investment firm Goldman Sachs has ranked Bitcoin as the top-performing asset in 2023, outperforming IT stocks, Nasdaq 100, S&P 500, gold. Bitcoin’s year-to-date absolute returns have increased by 51%, the ranking mentions.
Goldman Sachs out highlighting #bitcoin as the best performing asset year-to-date. pic.twitter.com/I0qoELfIMs
— ◢ J◎e McCann (@joemccann) March 19, 2023
