The Bitcoin market is in an extremely greedy condition.
Traders use the Fear and Greed Index to predict future market behavior.
BTC is close to $100K, complicating the potential outcome of technical analysis.
The Bitcoin market shows extreme greed, according to Into The Cryptoverse founder Benjamin Cowen. In an X post, the crypto analyst shared a screenshot of the Bitcoin Fear and Greed Index, tracking its trajectory over the past six years.
#BTC Fear & Greed Index = 84 pic.twitter.com/PiGdI9Vr3X
— Benjamin Cowen (@intocryptoverse) November 30, 2024
Cowen’s post highlighted the sentimental metric’s link with BTC’s price development since 2018, indicating the evolution of the Bitcoin market sentiment with price changes. The shared chart exposed the real metric’s behavior compared to the empirical analysis of how the market should respond, depending on the prevailing investors’ sentiment.
The Fear and Greed Index and Bitcoin Price
Typically, Bitcoin traders use the Fear and Greed Index to predict market behavior. The index ranges from 0 to 100, with 0 representing extreme fear and 100 representing extreme greed. Traders use this to identify …
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