Bitcoin(BTC) Price to Breach $50K? Greed Index Points that Traders Are in Potential Danger

02. Apr 2022 on Press Release

On March 28, Bitcoin(BTC) price soared above $48,100, with an intraday increase of more than 4%, a weekly increase of more than 12%. Bitcoin's price touched its highest level in 84 days. After weeks of trading downward, Bitcoin now returns to its 2022 opening price with the potential of claiming back $50,000. A well-known crypto analyst and trader, Credible, says to his 319,500 twitter followers that Bitcoin seems to have entered the fifth wave of its bull cycle and is about to rally above $130,000.

However, in the face of the rise of the largest virtual currency, the Greed Index points out that traders are also in potential danger, and traders should be vigilant in this great bullish market.

Warren Buffet once said: “Be fearful when others are greedy, and greedy when others are fearful.” In the past week, the Greed index has almost approached 70 (the metric uses a numeric scale that travels from one to hundred to represent this sentiment), which shows that the market is becoming more and more greedy and impatient. This value of the metric is now more than in any other period in the year 2022 so far, and is the highest since the peak in early November of last year. Historically, Bitcoin peaks have tended to happen while the sentiment is that of extreme greed, and bottoms have formed during periods of extreme fear.

There is a popular trading technique called “contrarian investing” that makes use of this fact. Traders following this methodology think that the best time to buy is during extreme fear, while extreme greed is when one should sell.

No matter whether there will be a bullish or bearish run, crypto futures trading with 100x leverage helps you earn money with small capitals invested, so traders can earn money as long as their predictions are right. While spot traders only earn profits when the price of bitcoin goes up. Furthermore, traders can borrow leverage from exchanges to increase their buying power, thus multiplying their profits.

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 Know More About Bexplus

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