Silent Wait in Bitcoin: "Fear and Greed, Back to the Bulls"

Silent Wait in Bitcoin: “Fear and Greed, Back to the Bulls”

Due to the ongoing volatility in bitcoin for about a month, the interest of investors in the market is decreasing. However, the trading volume has also dropped significantly. Bitcoin’s daily trading volume, which at times exceeded $20 billion last month, fell below $10 billion during the first weekend of August. On the other hand, there is hope for the number one cryptocurrency, according to some researchers and analysts.

Fear and Greed Index has a ‘bullish’ outlook

Crypto financial services firm Matrixport notes an uptrend outlook for the Fear and Greed Index in its latest research report. “Our Fear and Greed Index, which has been showing signs of a four-week downward trend in price, has started to show bullish signs,” the report said. Bitcoin is pegged at $29,000 for three weeks, and is resisting declines despite improvements in some major tech stocks like Apple Microsoft. Statement included.

According to Matrixport, there are two major catalysts for bitcoin and ether prices that will remain supportive through the end of the year. One is the SEC’s potential spot bitcoin ETF approval and the other is the EIP-4844 upgrade expected on Ethereum in Q4 2023.

As expected, the SEC decided yesterday to suspend the Arc 21Shares Spot Bitcoin ETF application. On the other hand, seven other applications are pending response from the SEC. For some of these, the SEC will have until September to respond.

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“Several bitcoin ETFs are likely to be approved soon and the next increase in bitcoin prices is likely to come from these ETF providers, as these ETF providers will make large marketing spends to attract individual and institutional capital,” the report said. ” it was said.

Price Projection for 2024 and 2025

Lastly, the report also included a Bitcoin price prediction. Accordingly, the company believes that the price could reach $45,000 by 2024, then decline and rise to $63,000 after April, and further decline to $125,000 in 2025.

Bitcoin is traded at 29 thousand 400 dollars according to 17.00 TSI. The cryptocurrency reached its all-time high in 2023 at $31,800 about a month ago.

It was published: 12 August 2023 17:23
The post Silence on Bitcoin: “Fear and Greed, Back to the Bulls” appeared first on Bitcoin News – uzmancoin – cryptocurrencies & blockchain.





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