Bitcoin Reaches ‘Extreme Greed’ Level Again
Despite the local fall, bitcoin signals about new bull rally
The last time the cryptocurrency went into the “greed” trend, the price of bitcoin reached $ 13,000
Economic volatility in traditional markets only adds to the excitement in market virtual assets
Despite the short-term fall prices the largest asset by market capitalization, demand for cryptocurrency is still high
Last time bitcoin reached this level in February of this the year when the price of bitcoin rose to $ 10,264, but soon the coronavirus pandemic crashed world markets and bitcoin went into a steep peak with them.
Recall in 2019 year, as a result of a similar trend of “extreme greed”, bitcoin managed to grow to $ 13 000.
As with gold, price whom already has updated all-time highs, bitcoin is in demand among American investors seeking bailout from the storm, until dollar drowning in the distribution of “helicopter of money“.
In a July Bank of America poll, over 70% of fund managers surveyed believe market stocks are overvalued, which may indicate a possible end of the bullish trend for many companies.
A harbinger of a collapse
Recall that the fear and greed index is based on the volatility indicators of bitcoin, as well as properties market, including trading volumes, activity on social platforms, and also frequency of mentioning an asset in Google Trends.
The level of “extreme greed” can signal an impending Bitcoin rally, capable of if do not update historical highs, then at least approach the values of 2017 of the year.
One of the most famous traditional investors Warren Buffett, however, adheres to a different point of view. He advises “to be wary when the market is greedy, and to be greedy when everything others are afraid “.
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