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The Bitcoin fear and greed index still points at “greed.”
The declining price of Bitcoin and altcoins over the last few days doesn’t scare away the crowd. Instead, investors remain bullish and anticipate a swift market recovery, suggested Santiment in a post this week.
“[Bitcoin] has seen a drop to $66.4K and altcoins have shed much more of their market caps as prices have continued their concerning retracement to kick off April. However, the crowd is staying quite strong and showing confidence toward the prospects of a quick rebound,” stated Santiment.
Santiment noted the prevalence of bullish terms in social media discussions. Hashtags like “#buy,” “#buying,” and “#bullish” are being used as many as twice as frequently as bearish hashtags like “#sell” and “#bearish.”
“Historically, the best dip buy opportunities occur when the crowd consensus is showing a bit of fear toward a further drop. This usually results in small wallets dropping their bags for whales and sharks to scoop them up,” added Santiment.
The Alternative platform’s Bitcoin Fear & Greed Index currently stands at 70, indicating a dominant sentiment of greed among investors. This figure represents a slight decrease from the previous day, suggesting a cooling of investor enthusiasm.
According to data from CoinGecko, Bitcoin has dipped below $66,000, down nearly 5% in the last week. Facing resistance at $67,000, a breakout is needed to reach the next hurdle at $69,500.
Despite the recent price correction, crypto analysts and experts remain confident about Bitcoin’s long-term rise. Bitwise CIO Matt Hougan predicts an influx of around $1 trillion into Bitcoin via ETFs from institutional investors over the next few years. This projection, if realized, could pave the way for “a raging bull market.”
“The January launch of spot bitcoin ETFs opened up the crypto market to investment professionals in a major way for the first time ever. And while there are countless forces that will shape Bitcoin prices in the days and months ahead, there’s one reality that I keep coming back to. These investors control tens of trillions of dollars—globally, the best estimate is over $100 trillion—and they are just starting to move into crypto. This is a process that will take years, not months,” stated Hougan. “A 1% allocation across the board would mean ~$1 trillion of inflows into the space.”
Crypto analyst Michaël van de Poppe said that the hype and excitement surrounding the upcoming Bitcoin halving might be losing steam, leading to a potential price correction for Bitcoin. However, he maintains that Bitcoin’s current price movement aligns with historical trends observed before the halving event.
Reality starts to kick in as the momentum pre-halving is slowing down on #Bitcoin.
It's still on track, just like every cycle prior.
▫️ Altcoins are down 25-50% in USDT value.
▫️ Altcoins are down 40-70% in BTC value.
That's the moment to buy.
— Michaël van de Poppe (@CryptoMichNL) April 3, 2024
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