The bitcoin (BTC) fear and greed index has hit the 56% mark, indicating a bullish investor sentiment. On-chain data released by Glassnode shows the top cryptos including BTC and ETH have witnessed increased outflows so far.
Investors bullish on bitcoin
The price of bitcoin (BTC), the world’s flagship blockchain-based digital currency has been on the rise since crashing to a low of $15,476 last November. The token surpassed the $31,000 region for the first time in as many months this April, before experiencing a pullback to the $26,000 area.
However, at the time of writing, the price of BTC has regained its bullish momentum, rising to as high as $28,780 in the last 24 hours.
According to the latest bitcoin fear and greed index data, the BTC greed index has now reached 56%. The bitcoin fear and greed index gauges the market sentiment of BTC on a scale of 0 to 100 (from extreme fear to extreme greed).
In essence, the current 56% reading suggests investors are optimistic that the cryptocurrency will see a further upward move.
BTC price forecast to hit $45,000
In the same vein, Glassnode’s daily on-chain exchange flow, which measures the total amount of cryptoassets moving in and out of crypto exchanges, shows that about $661.2 million worth of BTC was sent to exchanges in the last 24 hours, with an outflow of $670.8 million.
In essence, more BTC left exchanges within that timeframe (probably to non-custodial wallets).
What’s more, Markus Thielen, Matrixport’s chief researcher has maintained that the price of bitcoin (BTC) is on course to reach the $45,000 region by the end of 2023.
“As the US 10yr bond yield has started to trade below 3.50%, we can assume that inflation will be a big tailwind for risk assets – notably bitcoin. This has been our thesis since the 2023 Outlook report (published in Dec. 2022) and why we expected a massive rally from $17,000.”
Markus Thielen, chief resracher at Matrixport
Thielen has urged crypto traders and investors to be patient and disciplined this year, as the $45,000 bitcoin price prediction remains valid.
Source: https://crypto.news/bitcoin-fear-and-greed-index-hits-56/