- The Bitcoin fear and greed index shows the Bitcoin market is extremely greedy.
- There could be more corrections in BTC price.
- Some Bitcoin investors see the drop as a buying opportunity.
Over the past 24 hours, the leading cryptocurrency, Bitcoin (BTC), dropped by more than 15 percent from the $40,000 price range to as low as $33,000. Despite the drop in BTC price, the fear and greed index from Alternative.me indicates that the Bitcoin market is still in an extremely greedy state. Although this could also mean that Bitcoin investors are more bullish on the cryptocurrency, such a greedy index suggests BTC is due for a correction.
Bitcoin fear and greed index clicks 90
Bitcoin dropping to $33,000 was seen as another buying opportunity by some industry participants and investors. At the time of writing, the cryptocurrency has slightly risen to $34,930, making a negative 13.70 percent price change in a 24-hour count. Regardless, BTC investors seem to be more bullish and interested in holding the crypto, as seen with the Bitcoin fear and greed index.
Currently, the index is clicking at 90, which represents an extremely greedy state for the BTC market. However, this is lower when compared to the 94 points recorded yesterday – probably related to Bitcoin’s price drop in the past 24 hours. Judging by the Bitcoin fear and greed index, the cryptocurrency is likely due for a correction, which somewhat explains the recent 15 percent decline.
Noteworthily, the leading cryptocurrency has been in this state in recent months, yet it pushed through to the $40,000 level this month. So, it remains unknown whether Bitcoin will drop further or increase, despite the index showing more greed in the market.
A buying opportunity or correction time?
For many people, the recent drop in Bitcoin price is a healthy bull correction that offered a buying opportunity.
However, some other persons like Luno exchange’s official, Vijay Ayyar, thinks this could lead to further correction. “It’s to be determined whether this is the start of a larger correction, but we have now seen this parabola break, so it might just be,” he said.