Will October Bring Fearfulness To Crypto For 200 Straight Days?
22 Septembre 2022 - 9:00PM
NEWSBTC
Data shows the crypto market has been fearful for 171 days already,
will the streak continue in October and reach 200 days? Crypto Fear
And Greed Index Points At An Extremely Fearful Market As per the
latest weekly report from Arcane Research, the crypto market has
been continuing to show a fear sentiment since April of this year.
The “fear and greed index” is an indicator that measures the
general sentiment among investors in the cryptocurrency market. For
representing the sentiment, the metric makes use of a numeric scale
that runs from zero to hundred. All values of the index greater
than 50 imply the market is greedy, while those below the threshold
suggest fearful investors. In these main sentiments, there are two
zones that have historically been particularly important for prices
of coins like Bitcoin. These are the “extreme greed” and “extreme
fear” regions and they occur at values greater than 75 and below
25, respectively. Related Reading: Get Forked: Ethereum PoW Forks
Fall 66% In Just Days The relevance of the extreme sentiments is
that tops have usually taken place in the former type of periods,
while bottoms have formed in the latter ones. Now, here is a chart
that shows the trend in the crypto fear and greed index over the
last year: The value of the metric seems to have gone down in
recent days | Source: Arcane Research's The Weekly Update - Week
37, 2022 As you can see in the above graph, the crypto fear and
greed index recently observed a small surge as the Ethereum merge
came around, but as soon as the investors realized it was a
sell-the-news event, the sentiment dropped back down sharply. Two
days ago, when the report came out, the indicator had a value of
23, which would suggest extremely fearful mentality. Since then, it
hasn’t budged much as today’s value is still 22. Related Reading:
Bitcoin Falls Under High Selling Pressure, What Will Shoot Its
Price? The crypto market has been in a state of fear since the
month of April, making it a continuous run of such sentiment for
171 days now. Back during the relief rally in August, the indicator
came the closest to escaping from this region and ending what has
become the longest streak of fear in the history of the index.
However, before investors could embrace greed, the rally ended and
the sentiment immediately plunged down. Currently, it’s unclear
when the run would finally come to an end. If it keeps on and runs
through October, crypto investors would have observed 200 days of
fear. BTC Price At the time of writing, Bitcoin’s price floats
around $19.2k, down 5% in the last seven days. Over the past month,
the crypto has lost 10% in value. Looks like the price of the coin
has been mostly moving sideways in the last few days | Source:
BTCUSD on TradingView Featured image from Thought Catalog on
Unsplash.com, charts from TradingView.com, Arcane Research
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