A sentimental metric about the Bitcoin (BTC) market position is correct but guarantees that the price will fall.
On November 19, the BTC / USD touched the $18,500 price, while the Crypto Fear & Greed Index touched the 94 points simultaneously, matching the all-time high of 95 points, which on June 26, 2019, matched the 95-point all-time high of 100.
The Crypto Fear & Greed Index, which compiles multiple investor sentiment predictions, provides a simple score of 100 to estimate how high the cryptocurrency markets really are or are selling. If the number is close to 100, the market is more likely to come for a pullback.
The index, which is heavily linked to price action, has successfully topped prices with considerable accuracy since its launch in early 2018.
“Crypto market behavior is very emotional. As the market grows, people become greedy, which results in FOMO the Fear of missing out condition,” the developers explained on Metric’s official website.
At the end of June 2019, the index reached its highest level – 95 out of 100 – and during the press conference on Thursday, the record was only one point higher than the current readings.
As per the previous reports, the host of maps tracking bitcoin market activity hit all-time highs this week, with their impact being even more bullish.
Analysts have largely stopped calling the current bull too hasty, in the words of statistician Willie Woo, compared to its clip in 2017.
In principle, Willy woo argue, strong hands were to buy the supplies this year. Still, the enthusiasts and speculators are on the sidelines.
That perspective is confirmed by data showing cold storage and other long-term wallets, as well as large numbers of coins left on exchanges for huge purchasing activities.
