The global crypto market jitters over the US inflation rate accelerating to a new 40-year high. Despite Friday’s sell-off, The Bitcoin Fear & Greed Index saw a modest rise during early Asian trading hours. The bearish session saw bitcoin fall to sub-$29,000 before finding support.
With the Bears over the control, Bitcoin has experienced a downfall with the lowest price of $26,700. Whereas, now the Crypto king has taken a surge in its price by 18% up from its earlier lowest.
Bitcoin Price To See a Recovery Rally?
Popular Crypto tracking Tool, Coinmarketcap community Predicts that Bitcoin Price will Surge 30.06% and reach $41,175 by June 30, 2022. This forecast is based on the last six predictions of the crypto community with 80% of prediction accuracy.
The given target is based on the average of votes by 34,436 members.
Extreme Fear and Greed of Crypto
The Market volatility has stressed the crypto market as well the retail investors about anticipating the future price of the flagship digital asset. Despite its price surge, the analyst criticizes its current price which is 50% less than its all-time recorded high of $67,000 in the previous year.
In addition, the BTC’s recent fall has shattered the market with almost the loss of $1.5 trillion, and there are still warnings on this digital asset about another crypto winter similar to that of 2018.
With this, the fear and greed of bitcoin have turned to an extreme level after the spectacular collapse of the crypto market.
Further, noticing its positive side Bitcoin immediately started its recovery within just a week after its fall, and restored its market capitalization. Reacting to this, strategist JPMorgan Chase has claimed the “significant upside potential” of cryptocurrency. Helping to shift the market sentiment over the current week.