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Bitcoin might have broken out of “extreme fear” after spending two and half months in the negative sentiment zone. This comes at the same time that the leading cryptocurrency experiences a nearly 20% increase in the past week.
Earlier this week, the Crypto Fear and Greed Index shifted the market sentiment, moving from “extreme fear” to “fearful”. Looking at a score of 30 out of 100, there has been increased sentiment in the market with investors slightly less nervous to buy cryptocurrency than the past two months.
The Crypto Fear and Greed Index considers the sentiment of the market, and places a score on the “fear” or “greed” of investors between 0 and 100. This is based on metrics including market volatility, Bitcoin’s dominance, the overall sentiment of investors and traders, and search trends in the industry. On-chain metric firm Sentiment commented that investors might be looking toward a long-term breakout:
🥳 Traders are changing their tune and are smelling a long-term breakout after a dominant #Bitcoin Tuesday. With the #1 market cap asset in #crypto surging, the ratio between $BTC #longs and #shorts is at its highest point since early May. Watch for #FOMO. https://t.co/4PcBhoKywd pic.twitter.com/dSPmazk1S1
— Santiment (@santimentfeed) July 19, 2022
Bullish Bitcoin: Is the token set for a rally?
While we’re not clear of the crypto winter just yet, there is optimism for Bitcoin’s future. Bitcoin bull Michael Novogratz told Bloomberg recently that he foresees Bitcoin surpassing a massive $500,000 USD within five years. The bull believes that a combination of adoption and global economics will play a role in Bitcoin’s price in the future and that this current bear market is just “a bump in the road” rather than a “U-turn” for the market.
As more adoption increases, he says, we’ll see more institutions taking advantage of the opportunity that the cryptocurrency market presents. He also offered that the “worst” of the market’s crash has probably been felt and that the token will either trade sideways or see a steady increase from here.