Is Bitcoin Gearing Up for A Bullish Q4? The Signs Are There
The crypto market Fear and Greed Index now sits at a neutral value of 51, signaling that the market could swing either way in the near future. Investors may need to prepare for increased volatility, which could be either bearish or bullish.
This Index, a key tool developed by Alternative.me, helps analysts gauge overall market sentiment. When the sentiment turns neutral, the chances of an uptrend or a downtrend are roughly equal, suggesting that buying and selling pressures are balanced.
The Index ranges from 0 to 100, with 0 representing extreme fear and 100 indicating extreme greed in the digital asset market. These scores are based on factors like volatility (25%), market momentum/volume (25%), social media (15%), surveys (15%), Bitcoin dominance (10%), and Google Trends (10%).
Bitcoin Price Action Hints at Bullish Q4
CoinMarketCap data reveals that Bitcoin (BTC) rose 0.68% in the past 24 hours and is currently trading around $63,300, aiming to reclaim the $64,000 level and potentially move towards its previous bull cycle high of $69,000. Notably, the leading cryptocurrency is up 7.57% in the past week and a remarkable 138.84% since September 2023. However, it did experience a 1.4% drop in the last 30 days.
Crypto analyst Ali Martinez pointed out on X (formerly Twitter) that Bitcoin gained 61% in Q4 of 2016 and 171% in 2020. He suggests this trend might continue this cycle due to the recent gains the market-leading asset has seen.
Martinez observes that the crypto market in 2024 has so far mirrored the price trajectories of 2016 and 2020, which could mean soaring prices this year.
Read also: Bitcoin September Surge Mirrors 2020 Bull Run: Analysts
The chart shows that Bitcoin has formed six consecutive bullish daily candles, establishing a short-term uptrend. Meanwhile, the Relative Strength Index (RSI) is above 60, and the digital asset might soon reach overbought levels and make new highs.
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