While the market is still technically in a bear market compared to last week, investor confidence is improving. According to the Fear and Greed Index, a crypto-specific metric that measures sentiment using five weighted sources, Investor sentiment about the market hit a monthly high.
Bitcoin grew 30% so far this year to $21,600 and it reached its best price since September 2021, a promising start to the year for the world’s main cryptocurrency and for an industry that last year went through successive crises that threatened to collapse the system.
New research holds that Bitcoin can rally another 50% before seeing a sell-off to complete its bear market. In the latest issue of its regular markets newsletter, “The Crypto Circular,” trading firm QCP Capital issued a grim warning to those who believe the bear market is over.
Besides, Bitcoin price has yet to recover from its pre-FTX crash levels. Bitcoin continues to face headwinds, such as mass layoffs in an increasingly difficult macroeconomic environment, legal troubles at Gemini and Genesis, and the possible creation of a cryptocurrency-focused subcommittee by the US House of Representatives.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
