The bitcoin price reached the highest point of this year last night: $21,340. The price of BTC is up by over 22% in a week.
Time for some perspective. Bitcoin reached $69,000 on several major exchanges in November 2021. We are a long way from that with the current daily prices.
The chart below shows bitcoin’s price movements over the past year. On the smaller charts (of a month or week) we see a big increase, but with a little more zooming out you get a different picture. The price of bitcoin fell along with the rest of the financial markets, although the initial reaction was a lot more violent than for tech stocks.
The road is still long, but bitcoin has started the year well.
The Bitcoin Fear and Greed Index is a well-known indicator in the world of BTC. It is a way (or attempt) to reflect market sentiment.
On 15 January, the index shot up to a level of 52, the highest since 5 April. This indicates that there is a bit more confidence (or greed) in the market again than before. The most depressed period since the existence of this indicator was in 2022. Not very surprising, as there was great panic in the market then. Bankruptcies, mismanagement and stolen money dominated the conversations around bitcoin.
The recent price rally gives hope.
Bitcoin Fear and Greed Index is 45. Neutral
Current price: $20,879 pic.twitter.com/lnj3pd73XL— Bitcoin Fear and Greed Index (@BitcoinFear) January 16, 2023
What the price of bitcoin will do, no one knows for sure. Numerous analysts make a daily effort. A small selection can also be found here on the website.
Legendary investor Peter Brandt warns: nobody knows exactly what a market will do. However, he too does share a chart with some patterns.
Any idiot can make wild guesses about markets, so here is my dunce-hat prediction. In reality, nobody has a clue what any given market will do. $BTC pic.twitter.com/bpP2ThjnZK
— Peter Brandt (@PeterLBrandt) January 15, 2023
