Bitcoin feeling optimistic before Halving18. Mai 2020
Just a few hours away from Bitcoin’s Halving, the general market sentiment is quite optimistic. But do you know how to check the crypto market sentiment? With the fear and greed index of alternative.me, you can get an idea about the
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Bitcoin’s Halving is one of the most uncertain events in the world of cryptology. The crypto mining industry is completely disrupted. For the rewards of validating each block are halved, from 12 to 6.5 BTC.
The Bitcoin feeling, is an index measured in several ways and by different platforms. But they all use more or less the same principle.
The lesser the fear, the more chance there is of a rise in Bitcoin prices, but also a high chance of a downward correction. The same is true in the opposite way, there is a high probability of a price drop, but there is also the option of an upward correction.
CryptoTrend prepares special coverage for Halving Bitcoin.
Bitcoin sentiment is optimistic before Halving
Currently, Bitcoin’s sentiment index is at 56. This shows a sign of „Greed“ in Spanish.
This shows that the crypto ecosystem in general expects an upward correction in prices before and after Bitcoin’s Halving occurs. But, as we mentioned, there is also the risk of a change in the BTC trend pointing downwards.
What is the Bitcoin Sentiment Index?
Why is there a need for a Bitcoin Sentiment index?
It’s no secret that the crypto market is quite volatile and emotional. And especially if such a massive event is about to occur in the cryptoverse, as is the Bitcoin Halving.
People tend to get greedy when the market is up, resulting in the formation of FOMO, or the fear of missing out on upward trends.
Also, people often sell their coins in irrational reaction to seeing red numbers.
This is why several platforms try to create these indices so that many Hodlers do not get carried away by their emotional side.
„Extreme fear can be a sign that investors are too concerned. That could be a buying opportunity.
When investors get too greedy, that means the market needs to be corrected,“ says the alternative.me team.