The Fear and Greed index shows neutral values for the first time in 9 months

The growth in the price of the main cryptocurrency has become a prerequisite for the market to overcome the state of “fear” for the first time since the beginning of April last year. The Fear and Greed index was 52 in the middle of the first month of 2023.

For the first time in the last 9 months, there has been a neutral sentiment towards cryptocurrencies in the industry. The Fear and Greed Index, ranging from 1 to 100, is a sentiment marker that can be used to determine which of these sentiments dominates the market.

A low score is indicative of fear, which contributes to the sell-off of crypto assets and the fall of the market. A higher level indicates the presence of greed and the desire of investors to buy cryptocurrencies.

“Extreme fear” is in the fork from 0 to 24, just “fear” is 25–49. The range from 51 to 74 indicates “greed”, and the parameters from 75 to 100 indicate “extreme greed”. Levels near the 50 mark indicate a neutral state.

Meanwhile, the famous trader Peter Brandt predicts the emergence of a bullish trend in the bitcoin market. The expert believes the first crypto coin can reach a new price high within the next two years.

Brand believes that the price of bitcoin could reach $30,000 by the second quarter of this year. In addition, the value of BTC can rise to $50,000 in 2023.

And next year, bitcoin could break the $100,000 mark after dropping below $34,000. According to Brandt’s analysis, crypto market participants have already seen the bottom of this cycle.

Interestingly, Brand said last spring that “the next bull market is only two years from now.”

“BTC will remain sideways for another 2 years, and then a new boom will begin. The last two times BTC rose 10x or more, we needed an average of 33 months before the next rise. If history repeats itself (which I don’t believe), the next uptick will take place in May 2024,” the investment veteran said earlier.

Do you agree with this forecast?