Popular Macro and Bitcoin Trader Tuur Demeester compares the ongoing Bitcoin (BTC) rally to the 2013 and 2017 uprisings.
- Bitcoin greed, round 2.0?
- The ‘Fear and Greed’ index targets monthly increases
Investor and analyst Tuur Demeester, author of the game-changing report “The Bitcoin Reformation,” shares his views on what the continued rise in the price of BTC looks like.
Bitcoin greed, round 2.0?
According to the charts shared by Mr. Demeester, the supply of Bitcoin (BTC) is back in the “Greed” territory. By “greedy,” it means a situation where more than 55% of bitcoins are held with unrealized earnings (“paper”).
“20-21” greedy period of 196 days, the price is 3 times
The cooling off period will likely end very soon.
After that, the second round with more than 100 days of greed? https://t.co/u8Cq4KA7dS pic.twitter.com/FB0ZsR3Oz6
– TuurDemeester October 6, 2021
The previous long-term trip into “greedy” territory resulted in a 200% rise in the price of Bitcoin (BTC), backed by retail and institutional investors.
It lasted for 196 days in a row and was replaced by an “unconfirmed” phase of “optimism/denial” in May. Mr. Demeester says the “cooling off” period will soon be over.
After “Black Friday” in March 2020, Bitcoin (BTC) ended up in “surrender” territory and hasn’t been there since.
The ‘Fear and Greed’ index targets monthly increases
Also, Mr. Demeester noted that the last bulls (in 2013 and 2017) had two waves each. Thus, Bitcoin (BTC)’s surge to $65,000 in May is likely attributable to the first phase of this rally.
As covered by U.Today, Bitcoin (BTC) briefly touched the impressive level of $55,555 on the major spot platforms today. At press time, the coin is changing hands at $54,822, printing up 10% in 24 hours.
Bitcoin “Fear and Greed” index rose by swing for the third day in a row. Yesterday I entered the “greedy” zone and it is now estimated at 68/100.