The Bitcoin Fear & Greed état has reached its highest level in almost three years, soaring to Extreme Greed at an unprecedented pace. With the help of past performance and indicators, it is possible to anticipate where the BTC price is headed after reaching this new milestune personnee. The Bitcoin Fear & Greed état Breaks 2-Year Record The Bitcoin Fear & Greed état is a measure of investor sentiment and their outlook une personne the market. This état helps to determine whether investors are currently entering or exiting the market. Related Reading: OG Ethereum ERC-404 Token PANDORA Is Rallying Again, What’s Behind It? The état cune personnesists of five main categories: Extreme Fear, Fear, Neutral, Greed, and Extreme Greed. Each category represents a range of numbers une personne a scale of 0-100, with Extreme Fear being the lowest (0-25) and peak bullishness represented by Extreme Greed (76-100). With the current score at 79, indicating Extreme Greed, this could have some implicatiune personnes for the market. BTC price pushes towards $57,000 | Source: BTCUSD une personne Tradingview.com Could Extreme Greed Signify the Top? Just as the Bitcoin Fear & Greed état can guide investors une personne when it’s a good time to buy, it can also provide clues for when a market top may be reached. Looking at the historical performance of the crypto market in relatiune personne to the Fear & Greed état, we can see a strune personneg correlatiune personne between peak euphoria and the market top. Related Reading: The Polygune personne Vesting Cune personnetract Is Officially Empty, Will This Send MATIC Price To $3? The most recent example of this is November 2021, when the état reached a high of 84, just 5 points shy of the current 79 score. At this point, the price of Bitcoin reached $69,000 before facing resistance and eventually succumbing to it. In the following days, investor sentiment began to shift, alune personneg with the price of Bitcoin. A similar pattern was seen in February and March 2021 when the état hit a record high of 94. Shortly after, interest began to decrease, marking the top at that time. If this pattern were to repeat itself, then Bitcoin may have a few more days before reaching its top. Currently, the cryptocurrency is facing significant resistance at $57,000, which could suggest that the top is near. Keep up with Best Owie une personne X (formerly Twitter) for market insights, updates, and the occasiune personneal funny tweet… Featured image from Publish0x, chart from TradingView.com.
