Bitcoin Reaches New All-Time High of $93,000 Amid Extreme Greed Index of 84
Data indicates a significant uplift in Bitcoin market sentiment as its price sets new records.
Bitcoin Sets New All-Time High Above $93,000
Bitcoin recently paused its bull run but has resumed, achieving a new all-time high (ATH) beyond $93,000.
The chart below illustrates the recent price trajectory:
Currently, Bitcoin holds weekly gains exceeding 24%. Other assets such as Ethereum (ETH) have also seen similar profits, while some altcoins, notably Dogecoin (DOGE), have outperformed with returns of 120%.
Investor sentiment has shifted positively during this bullish phase, as reflected in the Fear & Greed Index.
Bitcoin Fear & Greed Index at 84
The “Fear & Greed Index” is an indicator developed by Alternative to assess investor sentiment within Bitcoin and broader cryptocurrency markets.
This index uses a scale from zero to one hundred. Values above 53 indicate greed, while those below 47 suggest fear. The neutral sentiment lies between these two points.
Extreme greed occurs at values above 75, and extreme fear below 25.
Currently, the Bitcoin Fear & Greed Index is:
The index stands at 84, indicating strong investor sentiment in extreme greed.
Historically, Bitcoin and other cryptocurrencies have often moved contrary to prevailing expectations. As confidence grows among investors, the likelihood of a price reversal increases.
Whenever the Fear & Greed Index reaches extremes, a reversal becomes probable. This trend was observed during the peak in March, when the index reached 88, similar to the current value.
While the current sentiment suggests Bitcoin may be overheating, past bull markets indicate that prices can sustain in the extreme zone for extended periods before reaching a cyclical top, suggesting potential for further rallying.