The Crypto Fear and Greed Index has reached its highest level since July, remaining above 60 for two consecutive days. The September 28 update showed that the index entered the “Greed” zone at 64 points, with the Bitcoin (BTC) price briefly touching $66,000.

This index is created to numerically represent the current “emotions and sentiments” towards Bitcoin and the crypto market. The highest score is 100, while the lowest score is 0.

In August, the index was in the “Fear” zone on average, and on August 6, when the Bitcoin price was around $53,000, it hit a 2024 low of 17 points.

The last time the index was above 64 points was July 30, when the Bitcoin price was around $66,000.

Markus Thielen, head of research at 0x Research, said that Bitcoin breaking above $65,000 could create fear of missing out (FOMO) in the market, and therefore a crypto rally could occur in the fourth quarter.

Charles Edwards, founder and CEO of investment firm Capriole, predicted significant capital flows into Bitcoin from gold and other stocks.

Asset management giant VanEck ranked Bitcoin as the best-performing asset this year, but noted that recent declines have “scared” investors.

Share your thoughts in the comments!