What does the Crypto Fear and Greed Index reaching the "greed" zone with 60 points mean for Bitcoin?

As the crypto market continues to rise, risk appetite has increased in the Fear and Greed Index, an important metric. According to the data, the index, which had a "fear" rating in August, has risen to the level of "greed" in recent days. The index, which was evaluated out of 100, rose above 60 points.

Bitcoin, which is trading above $65,000, indicated as one of the critical resistance levels, may be preparing for a potential rally.

Does the Index give a signal of decline for Bitcoin?

Fear and Greed Index, which fell to its lowest level of the year, reaching 17 points on August 6, has started to give FOMO signals with Bitcoin (BTC) price surpassing $65,000.

The index, which reached 64 points on September 28, created concern in the crypto market. The index, which presents emotions and thoughts numerically, is prepared based on market dominance, social media interactions, investor behaviors, and market volatility.

When the index last rose above 64 points on July 30, the price of BTC was at the 66 thousand dollar level.

10x Research chief analyst Markus Thielen stated in a report dated September 27th that BTC rising above $65,000 could create fear of missing out (FOMO) in the market. Thielen expressed expectations of a crypto rally in the last quarter of the year.

Capriole's founder and CEO Charles Edwards claimed that traders will abandon gold and other stocks and enter the crypto market. Edward said the following;

"Capital inflow into Bitcoin from gold and stocks will continue uninterrupted for the next 6 months."

Asset management giant VanEck selected BTC as the best-performing asset of the year, with a 124% surge in the past 12 months.

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.