Bitcoin Price Tips Near 24K

As per the data from IntoTheBlock, due to the price surge, 64% of the investors of bitcoin are now profiting from the enormous price increase that occurred in January. The Crypto Fear and Greed Index just recorded bitcoin’s (BTC) 11th successive day outside the “Fear” zone, making this the longest stretch of days without fear since 2022. On January 29, Bitcoin reached $23,955, at its maximum level. Since then, it has somewhat decreased again, now standing at $23,687.

With a score of 61, Bitcoin has been positioned in the “Greed” zone and is at its highest point since November 16, 2021, when this price was roughly $65,000. Despite Bitcoin’s significant recovery, market experts are still debating whether the price increase is a bull trap or whether bull run is possible.

Whatever the case, the recent increase has helped many more BTC holders return to the green. According to on-chain analytics company Glassnode, those who initially purchased BTC in 2019 are currently, on average, back in profit. However, several analysts have advised enthusiastic investors to lower their expectations.

On January 29, Block Ware’s Head Analyst Joe Burnett tweeted that BTC wouldn’t reach and beyond its record of $69,000 until after the subsequent Bitcoin halving event. Lyn Alden, a macroeconomist, and investment advisor said that the market may be in “danger” in the second half of 2023 due to potentially unstable liquidity conditions.

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