The index has a solid track record of marking trend changes in the bitcoin market.
The Greed & Fear Index measures investor sentiment. Readings above 90% signal greed or excess optimism, and readings below 10% represent extreme fear or pessimism. Such indicators are widely tracked because excess optimism or greed is often seen at market tops while fear is seen at market bottoms.
"The index appears to have bottomed out as the daily signal is projecting upside pressure. After four weeks of consolidation, this indicator is tactically bullish and bitcoin prices could resume the uptrend," Markus Thielen, head of research and strategy at Matrixport, wrote in a note to clients on Thursday.
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