FOMO HAS THE BITCOIN FEAR AND GREED INDEX AT 80 – WILL THE EXTREME GREED COST YOU?
The Bitcoin Fear and Greed Index, a metric reflecting market sentiment, currently stands at 80, indicating a state of extreme greed among traders. This heightened level of greed often triggers the Fear of Missing Out (FOMO) phenomenon, where investors fear missing out on potential gains and make impulsive decisions.
However, while optimism can be contagious in the crypto market, it’s essential to recognize the potential consequences of acting solely on emotions, particularly during periods of extreme greed.
Bitcoin trades close to Nov 2021 ATH
The crypto market is experiencing a surge in investor sentiment as the Fear and Greed Index for Bitcoin reaches a staggering 80. This surge indicates a level of extreme greed among traders, raising concerns about the potential risks associated with FOMO investing strategies.
Bitcoin Fear and Greed Index is 80 ~ Extreme Greed
Current price: $61,148 pic.twitter.com/tNJA6jCH4Z
— Bitcoin Fear and Greed Index (@BitcoinFear) February 29, 2024
As of the time of writing, the value of Bitcoin (BTC) stands at $60,885.69, reflecting a decrease of 0.8% from one hour ago and a 1.3% decline since yesterday’s close. As of today, Bitcoin has gained 18.7% in value when compared to its value just one week ago.
As of today, Ethereum, the second most prominent crypto, is valued at $3,362.32. This represents a decrease of 0.4% from one hour ago and 1.4% since yesterday. As of today, ETH is 12.9% more valuable than it was seven days ago.
Presently, the global market cap of cryptocurrencies stands at $2.38 trillion, reflecting a change of -0.06% over the last twenty-four hours and 111.38% over the past year. At present, BTC holds a market cap of $1.2 trillion, indicating a dominance of 50.13%. Stablecoins, meanwhile, have a market cap of $143 billion, or 5.99% of the total crypto market cap.
While soaring prices may seem promising, extreme greed often precedes market downturns. Investors driven by FOMO may buy at inflated prices, only to suffer losses when the market corrects. It’s crucial for investors to exercise caution and avoid making impulsive decisions based on emotions.
Significant corrections have often followed past instances of extreme greed in the crypto market. The 2017 bull run, characterized by heightened FOMO and greed, was followed by a prolonged bear market. Investors who bought at the peak suffered substantial losses as prices plummeted. This was the case in 2021 as well.
BTC’s market performance
Bitcoin is on course to have its best month since December 2020. Even if prices are approaching all-time highs, many believe the bull market is far from done.
February’s crypto boom was broad-based. The market’s top performers were Uniswap’s governance token (UNI), Filecoin’s FIL, and Dogecoin (DOGE), which outperformed BTC’s gains.
While Bitcoin’s price is close to its all-time high, some analysts believe it will rise further.
“We haven’t even begun to reach the heights this is likely to go.” Galaxy’s head of firmwide research, Alex Thorn said in a market analysis published on X (previously Twitter) on Thursday.
Why We Aren't (S)Topping
(for my first ever long X post, I'm releasing a note I sent early this this morning to Galaxy counterparties and clients)
The sun hasn’t yet risen in NYC, but I know it will. From Galaxy HQ north of Battery Park, the Hudson River looks like a sea of… pic.twitter.com/zHua5OAWUY
— Alex Thorn (@intangiblecoins) February 28, 2024
He stated that US spot bitcoin ETFs are a “game changer,” generating consistent – and increasingly increasing – demand for BTC. Meanwhile, long-term investors own over 75% of Bitcoin’s supply and have been unwilling to sell at current prices.
On-chain transaction activity on the Bitcoin network and retail interest in crypto remains well below levels seen during previous peaks.
In a more gloomy long-term outlook, a JPMorgan analyst research predicted that BTC will fall to as low as $42,000 following the April halving when miners’ incentives will be slashed in half for the fourth time in Bitcoin history.
The Bitcoin Fear and Greed Index, a metric reflecting market sentiment, currently stands at 80, indicating a state of extreme greed among traders. This heightened level of greed often triggers the Fear of Missing Out (FOMO) phenomenon, where investors fear missing out on potential gains and make impulsive decisions.
However, while optimism can be contagious in the crypto market, it’s essential to recognize the potential consequences of acting solely on emotions, particularly during periods of extreme greed.
Bitcoin trades close to Nov 2021 ATH
The crypto market is experiencing a surge in investor sentiment as the Fear and Greed Index for Bitcoin reaches a staggering 80. This surge indicates a level of extreme greed among traders, raising concerns about the potential risks associated with FOMO investing strategies.
Bitcoin Fear and Greed Index is 80 ~ Extreme Greed
Current price: $61,148 pic.twitter.com/tNJA6jCH4Z
— Bitcoin Fear and Greed Index (@BitcoinFear) February 29, 2024
As of the time of writing, the value of Bitcoin (BTC) stands at $60,885.69, reflecting a decrease of 0.8% from one hour ago and a 1.3% decline since yesterday’s close. As of today, Bitcoin has gained 18.7% in value when compared to its value just one week ago.
As of today, Ethereum, the second most prominent crypto, is valued at $3,362.32. This represents a decrease of 0.4% from one hour ago and 1.4% since yesterday. As of today, ETH is 12.9% more valuable than it was seven days ago.
Presently, the global market cap of cryptocurrencies stands at $2.38 trillion, reflecting a change of -0.06% over the last twenty-four hours and 111.38% over the past year. At present, BTC holds a market cap of $1.2 trillion, indicating a dominance of 50.13%. Stablecoins, meanwhile, have a market cap of $143 billion, or 5.99% of the total crypto market cap.
While soaring prices may seem promising, extreme greed often precedes market downturns. Investors driven by FOMO may buy at inflated prices, only to suffer losses when the market corrects. It’s crucial for investors to exercise caution and avoid making impulsive decisions based on emotions.
Significant corrections have often followed past instances of extreme greed in the crypto market. The 2017 bull run, characterized by heightened FOMO and greed, was followed by a prolonged bear market. Investors who bought at the peak suffered substantial losses as prices plummeted. This was the case in 2021 as well.
BTC’s market performance
Bitcoin is on course to have its best month since December 2020. Even if prices are approaching all-time highs, many believe the bull market is far from done.
February’s crypto boom was broad-based. The market’s top performers were Uniswap’s governance token (UNI), Filecoin’s FIL, and Dogecoin (DOGE), which outperformed BTC’s gains.
While Bitcoin’s price is close to its all-time high, some analysts believe it will rise further.
“We haven’t even begun to reach the heights this is likely to go.” Galaxy’s head of firmwide research, Alex Thorn said in a market analysis published on X (previously Twitter) on Thursday.
Why We Aren't (S)Topping
(for my first ever long X post, I'm releasing a note I sent early this this morning to Galaxy counterparties and clients)
The sun hasn’t yet risen in NYC, but I know it will. From Galaxy HQ north of Battery Park, the Hudson River looks like a sea of… pic.twitter.com/zHua5OAWUY
— Alex Thorn (@intangiblecoins) February 28, 2024
He stated that US spot bitcoin ETFs are a “game changer,” generating consistent – and increasingly increasing – demand for BTC. Meanwhile, long-term investors own over 75% of Bitcoin’s supply and have been unwilling to sell at current prices.
On-chain transaction activity on the Bitcoin network and retail interest in crypto remains well below levels seen during previous peaks.
In a more gloomy long-term outlook, a JPMorgan analyst research predicted that BTC will fall to as low as $42,000 following the April halving when miners’ incentives will be slashed in half for the fourth time in Bitcoin history.
The Bitcoin Fear and Greed Index, a metric reflecting market sentiment, currently stands at 80, indicating a state of extreme greed among traders. This heightened level of greed often triggers the Fear of Missing Out (FOMO) phenomenon, where investors fear missing out on potential gains and make impulsive decisions.
However, while optimism can be contagious in the crypto market, it’s essential to recognize the potential consequences of acting solely on emotions, particularly during periods of extreme greed.
Bitcoin trades close to Nov 2021 ATH
The crypto market is experiencing a surge in investor sentiment as the Fear and Greed Index for Bitcoin reaches a staggering 80. This surge indicates a level of extreme greed among traders, raising concerns about the potential risks associated with FOMO investing strategies.
Bitcoin Fear and Greed Index is 80 ~ Extreme Greed
Current price: $61,148 pic.twitter.com/tNJA6jCH4Z
— Bitcoin Fear and Greed Index (@BitcoinFear) February 29, 2024
As of the time of writing, the value of Bitcoin (BTC) stands at $60,885.69, reflecting a decrease of 0.8% from one hour ago and a 1.3% decline since yesterday’s close. As of today, Bitcoin has gained 18.7% in value when compared to its value just one week ago.
As of today, Ethereum, the second most prominent crypto, is valued at $3,362.32. This represents a decrease of 0.4% from one hour ago and 1.4% since yesterday. As of today, ETH is 12.9% more valuable than it was seven days ago.
Presently, the global market cap of cryptocurrencies stands at $2.38 trillion, reflecting a change of -0.06% over the last twenty-four hours and 111.38% over the past year. At present, BTC holds a market cap of $1.2 trillion, indicating a dominance of 50.13%. Stablecoins, meanwhile, have a market cap of $143 billion, or 5.99% of the total crypto market cap.
While soaring prices may seem promising, extreme greed often precedes market downturns. Investors driven by FOMO may buy at inflated prices, only to suffer losses when the market corrects. It’s crucial for investors to exercise caution and avoid making impulsive decisions based on emotions.
Significant corrections have often followed past instances of extreme greed in the crypto market. The 2017 bull run, characterized by heightened FOMO and greed, was followed by a prolonged bear market. Investors who bought at the peak suffered substantial losses as prices plummeted. This was the case in 2021 as well.
BTC’s market performance
Bitcoin is on course to have its best month since December 2020. Even if prices are approaching all-time highs, many believe the bull market is far from done.
February’s crypto boom was broad-based. The market’s top performers were Uniswap’s governance token (UNI), Filecoin’s FIL, and Dogecoin (DOGE), which outperformed BTC’s gains.
While Bitcoin’s price is close to its all-time high, some analysts believe it will rise further.
“We haven’t even begun to reach the heights this is likely to go.” Galaxy’s head of firmwide research, Alex Thorn said in a market analysis published on X (previously Twitter) on Thursday.
Why We Aren't (S)Topping
(for my first ever long X post, I'm releasing a note I sent early this this morning to Galaxy counterparties and clients)
The sun hasn’t yet risen in NYC, but I know it will. From Galaxy HQ north of Battery Park, the Hudson River looks like a sea of… pic.twitter.com/zHua5OAWUY
— Alex Thorn (@intangiblecoins) February 28, 2024
He stated that US spot bitcoin ETFs are a “game changer,” generating consistent – and increasingly increasing – demand for BTC. Meanwhile, long-term investors own over 75% of Bitcoin’s supply and have been unwilling to sell at current prices.
On-chain transaction activity on the Bitcoin network and retail interest in crypto remains well below levels seen during previous peaks.
In a more gloomy long-term outlook, a JPMorgan analyst research predicted that BTC will fall to as low as $42,000 following the April halving when miners’ incentives will be slashed in half for the fourth time in Bitcoin history.
The Bitcoin Fear and Greed Index, a metric reflecting market sentiment, currently stands at 80, indicating a state of extreme greed among traders. This heightened level of greed often triggers the Fear of Missing Out (FOMO) phenomenon, where investors fear missing out on potential gains and make impulsive decisions.
However, while optimism can be contagious in the crypto market, it’s essential to recognize the potential consequences of acting solely on emotions, particularly during periods of extreme greed.
Bitcoin trades close to Nov 2021 ATH
The crypto market is experiencing a surge in investor sentiment as the Fear and Greed Index for Bitcoin reaches a staggering 80. This surge indicates a level of extreme greed among traders, raising concerns about the potential risks associated with FOMO investing strategies.
Bitcoin Fear and Greed Index is 80 ~ Extreme Greed
Current price: $61,148 pic.twitter.com/tNJA6jCH4Z
— Bitcoin Fear and Greed Index (@BitcoinFear) February 29, 2024
As of the time of writing, the value of Bitcoin (BTC) stands at $60,885.69, reflecting a decrease of 0.8% from one hour ago and a 1.3% decline since yesterday’s close. As of today, Bitcoin has gained 18.7% in value when compared to its value just one week ago.
As of today, Ethereum, the second most prominent crypto, is valued at $3,362.32. This represents a decrease of 0.4% from one hour ago and 1.4% since yesterday. As of today, ETH is 12.9% more valuable than it was seven days ago.
Presently, the global market cap of cryptocurrencies stands at $2.38 trillion, reflecting a change of -0.06% over the last twenty-four hours and 111.38% over the past year. At present, BTC holds a market cap of $1.2 trillion, indicating a dominance of 50.13%. Stablecoins, meanwhile, have a market cap of $143 billion, or 5.99% of the total crypto market cap.
While soaring prices may seem promising, extreme greed often precedes market downturns. Investors driven by FOMO may buy at inflated prices, only to suffer losses when the market corrects. It’s crucial for investors to exercise caution and avoid making impulsive decisions based on emotions.
Significant corrections have often followed past instances of extreme greed in the crypto market. The 2017 bull run, characterized by heightened FOMO and greed, was followed by a prolonged bear market. Investors who bought at the peak suffered substantial losses as prices plummeted. This was the case in 2021 as well.
BTC’s market performance
Bitcoin is on course to have its best month since December 2020. Even if prices are approaching all-time highs, many believe the bull market is far from done.
February’s crypto boom was broad-based. The market’s top performers were Uniswap’s governance token (UNI), Filecoin’s FIL, and Dogecoin (DOGE), which outperformed BTC’s gains.
While Bitcoin’s price is close to its all-time high, some analysts believe it will rise further.
“We haven’t even begun to reach the heights this is likely to go.” Galaxy’s head of firmwide research, Alex Thorn said in a market analysis published on X (previously Twitter) on Thursday.
Why We Aren't (S)Topping
(for my first ever long X post, I'm releasing a note I sent early this this morning to Galaxy counterparties and clients)
The sun hasn’t yet risen in NYC, but I know it will. From Galaxy HQ north of Battery Park, the Hudson River looks like a sea of… pic.twitter.com/zHua5OAWUY
— Alex Thorn (@intangiblecoins) February 28, 2024
He stated that US spot bitcoin ETFs are a “game changer,” generating consistent – and increasingly increasing – demand for BTC. Meanwhile, long-term investors own over 75% of Bitcoin’s supply and have been unwilling to sell at current prices.
On-chain transaction activity on the Bitcoin network and retail interest in crypto remains well below levels seen during previous peaks.
In a more gloomy long-term outlook, a JPMorgan analyst research predicted that BTC will fall to as low as $42,000 following the April halving when miners’ incentives will be slashed in half for the fourth time in Bitcoin history.
The Bitcoin Fear and Greed Index, a metric reflecting market sentiment, currently stands at 80, indicating a state of extreme greed among traders. This heightened level of greed often triggers the Fear of Missing Out (FOMO) phenomenon, where investors fear missing out on potential gains and make impulsive decisions.
However, while optimism can be contagious in the crypto market, it’s essential to recognize the potential consequences of acting solely on emotions, particularly during periods of extreme greed.
Bitcoin trades close to Nov 2021 ATH
The crypto market is experiencing a surge in investor sentiment as the Fear and Greed Index for Bitcoin reaches a staggering 80. This surge indicates a level of extreme greed among traders, raising concerns about the potential risks associated with FOMO investing strategies.
Bitcoin Fear and Greed Index is 80 ~ Extreme Greed
Current price: $61,148 pic.twitter.com/tNJA6jCH4Z
— Bitcoin Fear and Greed Index (@BitcoinFear) February 29, 2024
As of the time of writing, the value of Bitcoin (BTC) stands at $60,885.69, reflecting a decrease of 0.8% from one hour ago and a 1.3% decline since yesterday’s close. As of today, Bitcoin has gained 18.7% in value when compared to its value just one week ago.
As of today, Ethereum, the second most prominent crypto, is valued at $3,362.32. This represents a decrease of 0.4% from one hour ago and 1.4% since yesterday. As of today, ETH is 12.9% more valuable than it was seven days ago.
Presently, the global market cap of cryptocurrencies stands at $2.38 trillion, reflecting a change of -0.06% over the last twenty-four hours and 111.38% over the past year. At present, BTC holds a market cap of $1.2 trillion, indicating a dominance of 50.13%. Stablecoins, meanwhile, have a market cap of $143 billion, or 5.99% of the total crypto market cap.
While soaring prices may seem promising, extreme greed often precedes market downturns. Investors driven by FOMO may buy at inflated prices, only to suffer losses when the market corrects. It’s crucial for investors to exercise caution and avoid making impulsive decisions based on emotions.
Significant corrections have often followed past instances of extreme greed in the crypto market. The 2017 bull run, characterized by heightened FOMO and greed, was followed by a prolonged bear market. Investors who bought at the peak suffered substantial losses as prices plummeted. This was the case in 2021 as well.
BTC’s market performance
Bitcoin is on course to have its best month since December 2020. Even if prices are approaching all-time highs, many believe the bull market is far from done.
February’s crypto boom was broad-based. The market’s top performers were Uniswap’s governance token (UNI), Filecoin’s FIL, and Dogecoin (DOGE), which outperformed BTC’s gains.
While Bitcoin’s price is close to its all-time high, some analysts believe it will rise further.
“We haven’t even begun to reach the heights this is likely to go.” Galaxy’s head of firmwide research, Alex Thorn said in a market analysis published on X (previously Twitter) on Thursday.
Why We Aren't (S)Topping
(for my first ever long X post, I'm releasing a note I sent early this this morning to Galaxy counterparties and clients)
The sun hasn’t yet risen in NYC, but I know it will. From Galaxy HQ north of Battery Park, the Hudson River looks like a sea of… pic.twitter.com/zHua5OAWUY
— Alex Thorn (@intangiblecoins) February 28, 2024
He stated that US spot bitcoin ETFs are a “game changer,” generating consistent – and increasingly increasing – demand for BTC. Meanwhile, long-term investors own over 75% of Bitcoin’s supply and have been unwilling to sell at current prices.
On-chain transaction activity on the Bitcoin network and retail interest in crypto remains well below levels seen during previous peaks.
In a more gloomy long-term outlook, a JPMorgan analyst research predicted that BTC will fall to as low as $42,000 following the April halving when miners’ incentives will be slashed in half for the fourth time in Bitcoin history.
The Bitcoin Fear and Greed Index, a metric reflecting market sentiment, currently stands at 80, indicating a state of extreme greed among traders. This heightened level of greed often triggers the Fear of Missing Out (FOMO) phenomenon, where investors fear missing out on potential gains and make impulsive decisions.
However, while optimism can be contagious in the crypto market, it’s essential to recognize the potential consequences of acting solely on emotions, particularly during periods of extreme greed.
Bitcoin trades close to Nov 2021 ATH
The crypto market is experiencing a surge in investor sentiment as the Fear and Greed Index for Bitcoin reaches a staggering 80. This surge indicates a level of extreme greed among traders, raising concerns about the potential risks associated with FOMO investing strategies.
Bitcoin Fear and Greed Index is 80 ~ Extreme Greed
Current price: $61,148 pic.twitter.com/tNJA6jCH4Z
— Bitcoin Fear and Greed Index (@BitcoinFear) February 29, 2024
As of the time of writing, the value of Bitcoin (BTC) stands at $60,885.69, reflecting a decrease of 0.8% from one hour ago and a 1.3% decline since yesterday’s close. As of today, Bitcoin has gained 18.7% in value when compared to its value just one week ago.
As of today, Ethereum, the second most prominent crypto, is valued at $3,362.32. This represents a decrease of 0.4% from one hour ago and 1.4% since yesterday. As of today, ETH is 12.9% more valuable than it was seven days ago.
Presently, the global market cap of cryptocurrencies stands at $2.38 trillion, reflecting a change of -0.06% over the last twenty-four hours and 111.38% over the past year. At present, BTC holds a market cap of $1.2 trillion, indicating a dominance of 50.13%. Stablecoins, meanwhile, have a market cap of $143 billion, or 5.99% of the total crypto market cap.
While soaring prices may seem promising, extreme greed often precedes market downturns. Investors driven by FOMO may buy at inflated prices, only to suffer losses when the market corrects. It’s crucial for investors to exercise caution and avoid making impulsive decisions based on emotions.
Significant corrections have often followed past instances of extreme greed in the crypto market. The 2017 bull run, characterized by heightened FOMO and greed, was followed by a prolonged bear market. Investors who bought at the peak suffered substantial losses as prices plummeted. This was the case in 2021 as well.
BTC’s market performance
Bitcoin is on course to have its best month since December 2020. Even if prices are approaching all-time highs, many believe the bull market is far from done.
February’s crypto boom was broad-based. The market’s top performers were Uniswap’s governance token (UNI), Filecoin’s FIL, and Dogecoin (DOGE), which outperformed BTC’s gains.
While Bitcoin’s price is close to its all-time high, some analysts believe it will rise further.
“We haven’t even begun to reach the heights this is likely to go.” Galaxy’s head of firmwide research, Alex Thorn said in a market analysis published on X (previously Twitter) on Thursday.
Why We Aren't (S)Topping
(for my first ever long X post, I'm releasing a note I sent early this this morning to Galaxy counterparties and clients)
The sun hasn’t yet risen in NYC, but I know it will. From Galaxy HQ north of Battery Park, the Hudson River looks like a sea of… pic.twitter.com/zHua5OAWUY
— Alex Thorn (@intangiblecoins) February 28, 2024
He stated that US spot bitcoin ETFs are a “game changer,” generating consistent – and increasingly increasing – demand for BTC. Meanwhile, long-term investors own over 75% of Bitcoin’s supply and have been unwilling to sell at current prices.
On-chain transaction activity on the Bitcoin network and retail interest in crypto remains well below levels seen during previous peaks.
In a more gloomy long-term outlook, a JPMorgan analyst research predicted that BTC will fall to as low as $42,000 following the April halving when miners’ incentives will be slashed in half for the fourth time in Bitcoin history.
The Bitcoin Fear and Greed Index, a metric reflecting market sentiment, currently stands at 80, indicating a state of extreme greed among traders. This heightened level of greed often triggers the Fear of Missing Out (FOMO) phenomenon, where investors fear missing out on potential gains and make impulsive decisions.
However, while optimism can be contagious in the crypto market, it’s essential to recognize the potential consequences of acting solely on emotions, particularly during periods of extreme greed.
Bitcoin trades close to Nov 2021 ATH
The crypto market is experiencing a surge in investor sentiment as the Fear and Greed Index for Bitcoin reaches a staggering 80. This surge indicates a level of extreme greed among traders, raising concerns about the potential risks associated with FOMO investing strategies.
Bitcoin Fear and Greed Index is 80 ~ Extreme Greed
Current price: $61,148 pic.twitter.com/tNJA6jCH4Z
— Bitcoin Fear and Greed Index (@BitcoinFear) February 29, 2024
As of the time of writing, the value of Bitcoin (BTC) stands at $60,885.69, reflecting a decrease of 0.8% from one hour ago and a 1.3% decline since yesterday’s close. As of today, Bitcoin has gained 18.7% in value when compared to its value just one week ago.
As of today, Ethereum, the second most prominent crypto, is valued at $3,362.32. This represents a decrease of 0.4% from one hour ago and 1.4% since yesterday. As of today, ETH is 12.9% more valuable than it was seven days ago.
Presently, the global market cap of cryptocurrencies stands at $2.38 trillion, reflecting a change of -0.06% over the last twenty-four hours and 111.38% over the past year. At present, BTC holds a market cap of $1.2 trillion, indicating a dominance of 50.13%. Stablecoins, meanwhile, have a market cap of $143 billion, or 5.99% of the total crypto market cap.
While soaring prices may seem promising, extreme greed often precedes market downturns. Investors driven by FOMO may buy at inflated prices, only to suffer losses when the market corrects. It’s crucial for investors to exercise caution and avoid making impulsive decisions based on emotions.
Significant corrections have often followed past instances of extreme greed in the crypto market. The 2017 bull run, characterized by heightened FOMO and greed, was followed by a prolonged bear market. Investors who bought at the peak suffered substantial losses as prices plummeted. This was the case in 2021 as well.
BTC’s market performance
Bitcoin is on course to have its best month since December 2020. Even if prices are approaching all-time highs, many believe the bull market is far from done.
February’s crypto boom was broad-based. The market’s top performers were Uniswap’s governance token (UNI), Filecoin’s FIL, and Dogecoin (DOGE), which outperformed BTC’s gains.
While Bitcoin’s price is close to its all-time high, some analysts believe it will rise further.
“We haven’t even begun to reach the heights this is likely to go.” Galaxy’s head of firmwide research, Alex Thorn said in a market analysis published on X (previously Twitter) on Thursday.
Why We Aren't (S)Topping
(for my first ever long X post, I'm releasing a note I sent early this this morning to Galaxy counterparties and clients)
The sun hasn’t yet risen in NYC, but I know it will. From Galaxy HQ north of Battery Park, the Hudson River looks like a sea of… pic.twitter.com/zHua5OAWUY
— Alex Thorn (@intangiblecoins) February 28, 2024
He stated that US spot bitcoin ETFs are a “game changer,” generating consistent – and increasingly increasing – demand for BTC. Meanwhile, long-term investors own over 75% of Bitcoin’s supply and have been unwilling to sell at current prices.
On-chain transaction activity on the Bitcoin network and retail interest in crypto remains well below levels seen during previous peaks.
In a more gloomy long-term outlook, a JPMorgan analyst research predicted that BTC will fall to as low as $42,000 following the April halving when miners’ incentives will be slashed in half for the fourth time in Bitcoin history.
