Bitcoin News

Bitcoin Stays out of Fear for 11 Straight Days as Price Tips Near 24K

Statistics from IntoTheBlock show that 64% of Bitcoin investors made money from January’s huge price rise.

Bitcoin (BTC) has now registered its 11th consecutive day outside the “fear” zone on the Crypto Fear and Greed Index, extending its unfavorable run since late March.

This comes after Bitcoin reached $23,955 at 8:10 p.m. UTC on January 29, its highest level of the year. It has now dropped marginally, to $23,687 as of this writing.

Meanwhile, Bitcoin’s mood is solidly in the “greed” zone, with a score of 61, its highest level since the peak of the bull run around Nov. 16, 2021, when its price was around $65,000.

Even though Bitcoin has recently made a strong comeback, market players are still talking about whether the current price spike is a bull trap or if there is a real chance of a bull run.

Regardless, the current rise has brought many more Bitcoin holders back into the black.

According to statistics from blockchain intelligence firm IntoTheBlock, 64% of Bitcoin investors are currently profiting.

According to the on-chain analytics company Glassnode, those who initially purchased BTC in 2019 are now, on average, back in profit.

The average first-time buy price for BTC buyers in 2019 was $21,800, which implies those investors are up nearly 9% at the price of $23,687 on January 29.

Meanwhile, according to a Jan. 29 survey conducted by crypto market platform CoinGecko, 57.7% of 3,725 respondents expect Bitcoin to reach $25,000 this week, while just 21.2% believe it will fall below $22,000.

Dr. Jeff Ross, the founder, and CEO of Vailshire Capital, also gave a technical analysis on Jan. 29 that predicted a price increase of $25,000 shortly.

However, several analysts have urged ecstatic investors to temper their expectations.

On January 29, Blockware’s head analyst Joe Burnett warned his 43,900 Twitter followers that Bitcoin will not reach and surpass its all-time high of $69,000 until after the second Bitcoin halving event, which is scheduled to take place in March 2024:

Lyn Alden, a macroeconomic, and financial consultant, recently told Cointelegraph that the market could be jolted in the second half of 2023 by dangerous liquidity situations.



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