• The Crypto Fear and Greed Index has reached its highest level in 2023, surpassing levels not seen since BTC’s ATH in November 2021.
• Market sentiment towards Bitcoin and cryptocurrency has been bullish since the collapse of SVB.
• Charles Edwards predicted an ambitious price target of $100,000 for Bitcoin, while Ryan Selkis shared a similar prediction due to changing federal monetary policies and bank failures.
Crypto Fear and Greed Index Hits Record High
The Crypto Fear and Greed Index has hit its highest level since Bitcoin’s all-time high (ATH) of over $69,000 in November 2021, with a score of 68 firmly placing it in the „Greed“ category. The latest Index update also surpassed levels not seen since that same month. Source: Alternative.me
Why Market Sentiment is Bullish
Market sentiment towards Bitcoin and cryptocurrency has been bullish since the collapse of Silicon Valley Bank (SVB) and the subsequent fallout in the traditional financial markets. Additionally, Bitcoin has gained around 27.8% over the past week, reaching $28,000 for the first time since June 2022 – according to CoinMarketCap figures.
Charles Edwards Predicts $100K Price Target
Charles Edwards – founder and CEO of investment firm Capriole – predicted an even more ambitious price target of $100,000 for Bitcoin. According to him, current BTC price action is a „textbook perfect Bitcoin ‚Bump & Run Reversal“ with a potential target above $100K. He warned though that chart patterns can fail so investors must manage their risks accordingly nonetheless.
Ryan Selkis’ Prediction
Ryan Selkis – founder and CEO of crypto analytics firm Messari – shared a similar prediction recently as well due to several factors such as bank failures and changing federal monetary policies which will cause increased outside investment in cryptocurrency thus pushing up prices further beyond current levels ($28K).
It seems that both Charles Edwards and Ryan Selkis are optimistic about where prices can go from here with some believing that we could see prices surpassing $100K within 12 months from now if these predictions turn out true! However investors should always remain cautious when investing by managing their own risk regardless of the situation at hand