Bitcoin Fear and Greed Index Back to Greed for the First Time in 12 Weeks

joemuk (54)Private First Classin Account Booster 👍 • 3 years ago

Bitcoin (BTC) price finally reached $44,600 after 12 weeks of trading in a range of $29k - $30, because of this price action by bitcoin we might see bitcoin have a massive runup like the one we saw in October of last year 2020.

This recent uptrend was indicated or predicted by two crypto price indicators that bitcoin was expected to pursue massive uptrends, the first one was probably Glass nodes entry adjustment/nodes net and unrealized profit/loss that assists investors in their future investment in Bitcoin.

Understanding NUPL and it's heat map
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If NUPL is reading above 0 (zero) then it is showing that the network is in a state for the next profit while if it is showing a reading above 0 then it is state of loss, The further the NUPL stay away from other numbers higher than 0 the better for the crypto market.

They spot the degree deviation from the NUPL being in zero via a heat map, for example during an uptrend, red indicates "capitalization", orange means "hope", yellow shows "optimism", Green hints belief and blue underscore "euphoria",

In 2020 October Bitcoin moved upward toward 0 (zero) as obviously the heat map changed yellow lines to green and then successfully bouncing off in march earlier in march earlier of 2020.

The October move saw the price rise from an already all time high of that time of $38,000 to $65,000