A widely followed economist says that a $111,000 price tag for Bitcoin (BTC) is in the cards amid the alignment of a technical indicator and a bullish market structure. In a new video update on Trade Gate Hub, economist Henrik Zeberg says that based on a key indicator, it’s possible for the top crypto asset […]
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A widely followed analyst says that Bitcoin (BTC) is setting the stage up to skyrocket as one key indicator points toward strong momentum for the king crypto asset. In a new thread, macroeconomist and crypto strategist Henrik Zeberg tells his 121,200 followers on the social media platform X that BTC’s weekly relative strength index (RSI) […]
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A widely followed crypto analyst says that Bitcoin (BTC) is entering an “explosive” phase as the king crypto’s long-term metrics reverse course. In a new thread, pseudonymous crypto strategist TechDev tells his 420,200 followers on the social media platform X that one signal comes around every 3-3.5 years which points to “several months” of growth […]
The post Bitcoin Now Entering ‘Explosive’ Phase As Several Long Term Indicators Flip Bullish for BTC: Crypto Analyst appeared first on The Daily Hodl.
A widely followed crypto analyst is issuing a warning to traders saying that Bitcoin’s (BTC) downtrend is not over after displaying a bearish signal. Crypto trader Ali Martinez tells his 30,900 followers on the social media platform X that the king crypto appears to be forming a classic bearish flag pattern. Bearish flag patterns are […]
The post Bitcoin To Continue Downtrend As It Flashes Bearish Signal, Says Crypto Trader – Here Are His Targets appeared first on The Daily Hodl.
A crypto analyst thinks indications of a bearish signal are being displayed by one Ethereum (ETH)-based altcoin. Ali Martinez tells his 30,800 followers on the social media platform X that the native asset of the decentralized oracle network Chainlink (LINK) could be primed for a brief correction. Citing data from crypto analytics firm Santiment, Martinez […]
The post Crypto Analyst Says One Ethereum-Based Altcoin Flashing a Bearish Signal, Updates Outlook on Bitcoin appeared first on The Daily Hodl.
The co-founders of the crypto analytics platform Glassnode are forecasting that one catalyst could kickstart Bitcoin’s (BTC) next rally. Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle, tell their 55,900 X followers that if the Relative Strength Index (RSI) indicator falls below 37, it could trigger a BTC rally. The RSI […]
The post One Catalyst Could Trigger the Next Upward Move for Bitcoin, Predicts Glassnode Co-Founders appeared first on The Daily Hodl.
A popular crypto analyst says one closely followed indicator suggests that Bitcoin (BTC) still has much to prove even after mounting a strong rally. In a new strategy session, Benjamin Cowen tells his 782,000 YouTube subscribers that Bitcoin’s Relative Strength Index (RSI) remains at historical lows. The RSI is a momentum indicator that aims to […]
The post One Indicator Suggests Bitcoin Still Has Much To Prove Despite Rally to $21,000, Says Analyst Benjamin Cowen appeared first on The Daily Hodl.
The Bitcoin Fear and Greed Index reached an index score of 52 over the weekend, marking the first time its hit neutral territory in three quarters.
The highly-referenced Bitcoin Fear and Greed Index moved into neutral territory over the weekend following several months of fear.
On Jan. 15, the index reached a neutral level of 52, its highest since April 5. The move follows a 24% gain for the BTC over the past seven days.
The market sentiment tracker hit a multi-year low of 9 in June 2022. Since then it has been hovering between 20 and 30 in the “Extreme Fear” category. Furthermore, it registered its longest-ever streak of extreme fear in mid-2022, as reported by Cointelegraph.
The fear and greed index uses “motions and sentiments from different sources” including current volatility, market momentum and volume, social media and Google Trends data, among others.
Together, data from these sources is used to create a straightforward number to summarize the emotional state regarding Bitcoin and crypto markets.
It consists of five categories ranging from extreme fear to extreme greed, the latter not been seen since October 2021.
As at the time of writing, the index has dipped back down to 45, which puts it back into the “Fear” category, suggesting that confidence has yet to make a full return.
Bitcoin Fear and Greed Index is 45. Neutral
— Bitcoin Fear and Greed Index (@BitcoinFear) January 16, 2023
Current price: $20,879 pic.twitter.com/lnj3pd73XL
Meanwhile, Bitcoin has seen its second-longest streak of gains in history with a 12-day run this month. The asset has gained 28% since the beginning of this year, wiping out all losses in the crash that followed the FTX collapse in early November.
The massive momentum has created a large movement in technical indicators such as the RSI (relative strength index) which has hit its highest level for four years on the daily timeframe.
High RSI figures can suggest that an asset is overbought and a correction is due.
Highest RSI levels on Daily $BTC chart for 4 years.
— Cold Blooded Shillver (@ColdBloodShill) January 15, 2023
Each of the prior 3 touches of the 90 level responded as follows:
Touch 1: BTC continued +18% higher before correcting -12%
Touch 2: BTC continued +16% higher before correcting -21%
Touch 3: No BTC gain and -31% correction pic.twitter.com/swQSLqATIi
Related: Bitcoin fails to convince that bottom is in with $12K ‘still likely’
Several analysts have labeled the recent move as a bull trap but a solid weekly close has led some to believe the momentum will continue.
$BTC Weekly
— The Wolf Of All Streets (@scottmelker) January 15, 2023
You could not dream up a more bullish weekly candle. pic.twitter.com/fv66u76ujV
Professional trader and chart guru Peter Brandt summed it up on Jan. 16, tweeting:
“Any idiot can make wild guesses about markets, so here is my dunce-hat prediction. In reality, nobody has a clue what any given market will do. $BTC.”
Bitcoin was trading up 2.2% on the day at $21,1652 at the time of writing, according to CoinGecko.
As the end of 2022 approaches, a great number of bitcoin proponents are questioning whether or not the bottom is in as far as the official end of the crypto winter is concerned. The current bitcoin bear run just entered the longest bottom formation since the 2013-2015 bitcoin bear market. Moreover, analysts note that most […]
Exactly one month ago today, bitcoin was trading below $20,000 per unit as crypto markets continued to react to growing levels of inflation and central bank policy. However, a month later, the world’s leading crypto token has moved above $23,000, despite consumer prices rising to multi-decade highs. So with this in mind, where could bitcoin […]