A popular crypto analyst believes Bitcoin (BTC) is primed for a significant price jump. Their analysis hinges on the “Crypto Fear and Greed Index,” which recently hit “extreme fear” levels – a sentiment mirrored during previous market crashes.
Extreme Fear, Bullish Signals?
The analyst, known as Inmortal, points out that the current “extreme fear” is reminiscent of the market dips seen during the COVID-19 crash and the 2022 bear market. This is particularly interesting, they argue, given the recent announcement of a Bitcoin reserve by the US. Historically, these “extreme fear” periods have lasted anywhere from six weeks to five months.
Historical Patterns and Future Predictions
Inmortal believes Bitcoin is repeating a pattern from 2024, where a period of “extreme fear” preceded a massive price surge to new all-time highs. They suggest that we might be seeing a repeat of this pattern now.
Ethereum’s Potential Breakout
The analyst also suggests Ethereum (ETH) could be on the verge of a major price increase, similar to Bitcoin’s performance in 2020. However, they caution that this is just a possibility, not a guaranteed prediction.
Current Market Conditions
At the time of writing, Bitcoin is trading around $82,874, while Ethereum is trading around $1,881, down slightly from the previous day.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before making any investment decisions.
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