Bitcoin Bulls Cross Major Psychological Milestone of $60K Nearing All-TIme-High…and Beyond?? By DailyCoin
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Bitcoin Bulls Cross Major Psychological Milestone of $60K Nearing All-TIme-High…and BeyondAre you interested??As seen in the CoinGecko chart, today’s bulls broke through the $60K psychological barrier.
Bitcoin has not seen these pricing levels in several months, and it’s drawing ever closer to its all-time-high of nearly $64K set back in April of this year. Many technical analysts in the space of cryptocurrency are projecting that Bitcoin will reach $100K or more by the end this year.
These projections were based on converging bullish patterns shown on technical charts and underlying fundamentals. They also take into account investor sentiment. From a technical perspective, expert cryptocurrency technical analyst and YouTube influencer, MMCrypto, today told his 460K subscribers that once Bitcoin gets a daily close above the $61K level with ample trading volume, he estimates the next price level will blow through the previous $64K all-time-high – all the way to $75K at a minimum. We’ll watch for that!
Fundamentally, Bitcon’s case is stronger than ever. The Federal Reserve continues its flawed monetary policy, Congress continues reckless spending, and inflation continues to climb for the fifth straight month.
Investor sentiment is being reflected in the Fear and Greed Index. FGI is an interactive, free and easy-to-understand dashboard which provides daily market sentiment. It’s based on several weighted factors such as volatility, market volumen (social media), dominance and trends.
This software scrapes all the Internet data and automatically updates it every hour.
Next, it calculates FGI scores for each day and plots them on a scale from 0-10. 50 represents Fear and 100-50 represent Greed. Today’s score posted below shows the FGI ticked up to 71.
Compared to last month’s FGI rating of 49, it surely seems that the bulls are in control regarding sentiment.
To The Flipside
- Watch out for larger macroeconomic trends. Crypto gains may be affected by geo-political issues and economic crises such as the Everglade property meltdown and current economic collapse in Lebanon.
Why you should care
It’s an exciting time to be in crypto for use hodlers. Take profits as you go up to ensure that you are able to invest when the bull market ends.
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Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.
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