The cryptocurrency fear and greed index has reached its highest level since July 2024, surpassing 60. The index hit 64 on Saturday after Bitcoin surged to $66,000. The fear and greed index was created to track market sentiment in the crypto industry. It is calculated based on signals that influence the behavior of traders and investors, including surveys, Google (NASDAQ:GOOGL) Trends data, the level of volatility in the price of digital assets, social media, and the market share of Bitcoin. The highest value is 100, and the lowest is 0. In August, the index was in the “fear” zone, and on August 6, it fell to its lowest level of 17. On that day, the price of Bitcoin collapsed to $53,000. The indicator is currently at 64, which indicates “greed.” Such a high figure signals an increase in investor confidence in digital assets. Experts also make an optimistic forecast for cryptocurrencies. Thus, the head of the research department at 0x Research, Markus Thielen, believes that the bullish rally will begin in the cryptocurrency market as early as the fourth quarter. According to his estimates, the yield of bitcoin is currently above the price level of $65,000, which may cause FOMO (fear of missing out) among market participants.Bitcoin's price has risen by about 11.18% over the past month, the highest since March, according to CoinMarketCap data.