The Bitcoin Fear and Greed Index has been above the score of 80 for a few days, confirming the sentiment of “extreme enthusiasm” in the crypto market. Among the various triggering factors of this positive mood is certainly Donald Trump’s victory in the USA 2024 presidential elections.
Bitcoin: the Fear and Greed Index above 80 indicates a crypto market sentiment of “extreme enthusiasm”
Starting from November 12 up to and including today, the Fear and Greed Index of Bitcoin has been equal to or greater than the score of 80, indicating “extreme enthusiasm.” In fact, in the last 24 hours, this score has reached 88.
The Bitcoin Fear and Greed Index is an important indicator of the sentiment both for BTC, but also for the entire crypto market.
In any case, this score started to rise immediately after Wednesday, November 13, when the price of BTC recorded the new All-Time High above $93,000.
At the time of writing, BTC is worth $89,500 and the Fear and Greed Index score has returned to 80.
Bitcoin: the Fear and Greed index of the leader of crypto is “Extreme Greed”
The extreme enthusiasm for Bitcoin these days is a consequence of what has been experienced since last November 6, when Donald Trump won the USA 2024 presidential elections.
In general, in fact, we are experiencing a true crypto rally that sees almost all cryptocurrencies coloring their price charts green.
Looking then at the Ethereum Fear and Greed Index, the “extreme enthusiasm” zone arrived on November 12 with a score of 81.
And on November 12, the price of ETH exceeded the threshold of $3400, considering it started from $2400 just the week before. At the time of writing, ETH is worth $3,099. However, this price is still very far from its ATH reached in November 2021, at a price of over $4600.
The highest crypto Fear and Greed Index at the moment is being recorded by Dogecoin, the memecoin par excellence supported by Elon Musk. In fact, throughout the entire day yesterday, Dogecoin’s Fear and Greed Index was at “extreme excitement” with a score of 91.
At the time of writing, DOGE is worth $0.37 and is in a pump of +200% compared to a month ago. Not only that, just yesterday, the price of DOGE exceeded the threshold of $0.42.
The price of BTC at $100,000 by the end of November?
While witnessing significant price increases in crypto, accompanied by a sentiment of extreme enthusiasm, there are those who claim that the threshold of $100,000 for the price of Bitcoin (BTC) could be reached already by the end of November.
Given that the previous hypothesis of a Bitcoin ATH above $90,000 after Trump’s victory has become a reality, it should not be underestimated that the price of BTC could continue to rise until it reaches the fabled 6 figures.
Analyzing the data, one might assume some timeframes in which other bull dynamics could occur.
The first date to keep under observation is November 18. For some analysts, the current bullish phase could end by that date, and therefore it would be necessary to check if BTC surpasses $100,000 during that weekend. Alternatively, analysts believe that everything could be postponed to December.
In fact, the second date is precisely the first of December which, as happened last year, could start a new bull phase.
Source: https://en.cryptonomist.ch/2024/11/15/bitcoin-the-fear-and-greed-index-is-above-the-score-of-80-for-extreme-enthusiasm/