Bitcoin (BTC) has finally reached $50,000 after nearly a month. The Crypto Fear and Greed Index also shows that investors have become greedy after this development. This reflects the shift in sentiment among traders who have been cautiously aloof from the market since Bitcoin slumped to $29,000, as evidenced by the drastic drop in Bitcoin’s daily trading volume in recent months.
Bitcoin Fear and Greed Index is 59 — Greed
Current price: $49,482 pic.twitter.com/U1C5j8SIWR— Bitcoin Fear and Greed Index (@BitcoinFear) October 5, 2021
Although BTC fell to $49,800 after a slight drop after the $50,000 milestone, at the time of writing the largest cryptocurrency has reclaimed the $50,000 level. According to data from CoinMarketCap, the top crypto has gained nearly 5 percent in the last 24 hours, pushing its weekly gains to 20 percent. This rise of BTC inspired a broader market rally that led to its total market cap reaching $2.17 trillion.
As previously stated by KoinFinans, the recent Bitcoin resurgence has been fueled by the return of institutional investors. After weeks of decline in Bitcoin investment products, the latest data shows that investors are once again supporting Bitcoin.
Lark Davis’ BTC Target is $200K!
For weeks, market analysts led by leaders like PlanB and Lark Davis have been making bold price predictions for Bitcoin in Q4. According to PlanB, the creator of the Stock to Flow model, one of these analysts, BTC will end the month above $ 63 thousand and end the year above $ 100 thousand.
Popular crypto analyst Lark Davis also seems to support this prediction. Sharing this forecast on Twitter, the crypto analyst stated that he believes Bitcoin will be between $ 180 thousand and $ 200 thousand in the 4th quarter or early 2022. The analyst also revealed that altcoins will also see huge gains as a result of the Bitcoin bull run. Currently, investors are closely watching the $50,000 level and whether the asset can sustain it, and BTC is showing very promising signs.
“Bitcoin will be between 180,000 and 200,000 in late Q4 or early Q1, when that happens, your altcoin earnings will be beyond what you can imagine.”
#bitcoins going to 180 to 200k either in late Q4 or early Q1, when this happens your altcoin gains are going to be beyond what many of you can imagine.
— Lark Davis (@TheCryptoLark) October 5, 2021
Bitcoin seems to have weathered the storm that mostly started with China’s restriction of Bitcoin mining and ended with a complete ban on crypto transactions in the country. Recent data shows that Chinese investors are shifting to decentralized exchanges and continue to accumulate.
The Bitcoin hash rate, which has been affected by the mining ban before, has almost completely recovered as miners move to other parts of the world. The Chinese ban seems to have been beneficial for Bitcoin, as noted by most critical people in the market, including CIA whistleblower Edward Snowden.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.