The recent crypto market surge is reducing the “Fear” and increasing the “Greed” in the “Greed and Fear Index”. While Bitcoin is looking sharp enough, it is expected that the value could go beyond the US$ 50,000 level.
22nd December 2021 was relatively a very pleasant day for Bitcoin as the pioneer coin was able to near US$ 50,000 value. It seems as if the Bitcoin correct may lead the value to go past US$ 50,000. In the last 10 days, US$ 49,600 was the best value earned. Analysts believe that there is a bright chance that Bitcoin’s value would exceed phenomenally once the value goes above US$ 50,500.
Michael van de Poppe, an analyst/researcher at Cointelegraph, commented that finally, a breakthrough has occurred. He furthermore suggested that in order to prove that bulls are intact, Bitcoin will be required to do a lot. First of all, it will need to focus on breaking further levels. The analyst further commented that personally, he wants to see Bitcoin achieving the value in between US$ 50,500 and US$ 51,000. If this happens, preferably before 2021’s expiry, then he is positive that a bright future throughout the next year is guaranteed for Bitcoin.
Analysts are suggesting that Bitcoin’s value above US$ 50,000 will provide a psychological resistance to Bitcoin.
Furthermore, the recent Bitcoin bullish indicators were also acknowledged by Dan Tapiero, who is a fund manager by profession. He advised that when bulls are weak then they get tired and when they are tired, rallies commence automatically.
Another strong indication of Bitcoin’s bulls is emerging from the fact that the values of altcoins are rising on daily basis. This is in fact encouraging investors to boost their morals and gear up for further investments.
Amongst all the altcoins, currently, Ethereum is the lead altcoin. The base price of Ethereum also witnessed an increase in value which has now exceeded US$ 4,000. Similarly, there were phenomenal gains for LUNA of Terra as well. The value of Luna too has been moving ahead with an increase in value by 16%. Such is the situation of Ripple’s XRP. On 22nd December, XRP was trading in the market with gains exceeding 9%. As a matter of fact, almost all the top-ten leading digital assets in the world are also seeing value increments.
According to Poppe, it is perhaps the perfect time for investing in digital currencies. He suggested that although the gains are still not as good as expected, yet they are intolerably better for investment.
Similarly, the “Crypto Fear and Greed Index” too is rising on the greed side. The element of “fear” has decreased by 27% while an increase of 33% was evident in the “greed” factor. The question now is simple i.e. whether the market will return any profits on investment in the short run or not?