After weeks of stimulating price action, price Bitcoin falls According to CoinMarketCap, its value ranges from PLN 93,000. up to 95 thousand dollars. With analysts warning of further losses as more stablecoins come to market, Bitcoin’s current price has fallen by more than 3% in the last week. Bitcoin’s current price action and market sentiment is reflected in the Crypto Fear & Greed Index, which is currently at 65.
The Greed Index is a popular measure of the market performance of Bitcoin or another token in terms of market sentiment. While the score of 65, calculated from the tracker’s December 30 update, reflects “greed,” it is the digital asset’s lowest score since October 15.
Bitcoin price down in the last 24 hours. Source: CoinMarketCap
Bitcoin and the Greed Index
Market commentators and traders utilize the Crypto Fear & Greed Index to measure overall market sentiment towards a specific coin. The score is based on market data and information such as Google Trends, market dynamics and dominance, volatility and social media.
Source: Alternative.me
In the immediate aftermath of the December US elections, Bitcoin’s greed score remained consistently in the 70s, peaking at 94 on November 22. However, the last few days have been ponderous and tedious for Bitcoin as the greed index was 70 last week, 73 yesterday and currently 65.
Bitcoin analysts offer varying opinions on the future performance of the asset
According to Markus Thielen of 10x Research, many analysts predict that this will happen: parabolic price movement for Bitcoin before Trump’s inauguration, followed by a price correction. He added that he had an alternative view, arguing that Bitcoin price volatility was likely to raise soon.
Peter Brandt offers a more inventive assessment of Bitcoin’s price action in a post on Twitter/X, saying that it will enter a “Hump Slump Bump Dump Pump” chart pattern. Brandt refers to a post describing Bitcoin’s price action many years ago and predicts it will happen again.
If you are a Bitcoiner, take a look at this post from a few years ago.
Describes the celebrated Hump Slump Bump Dump Pump chart construction $BTC
The same thing may be happening nowhttps://t.co/GUVydv7F9b pic.twitter.com/dW3uAar3OQ— Peter Brandt (@PeterLBrandt) December 29, 2024
Specifically, Brandt says that Bitcoin’s price will initially rise (hump), then fall (bust), then briefly rebound (surge), then fall (drop), and then rebound (pump). CryptoQuant’s Ki Newborn Ju shares Brandt’s view after sharing the post.
Bitcoin remains the cryptocurrency leader
Although the level of greed is decreasing and the price is trying to maintain 95 thousand. dollars, Bitcoin remains the main asset. Many analysts agree that Bitcoin is still the best-performing asset over the past 10 years, outperforming customary assets such as gold and the S&P 500 index by a wide margin.
Featured image from Newsx, chart from TradingView
