After quite a scare in the market when the price of Bitcoin tumbled down from its most recent all-time high at $69K to trading around $46K to $48K, the Bitcoin fear & greed index shows the market sentiment going back to neutral. With that, this begs the question as to whether or not the market could finally be recovering.

Bitcoin Fear and Greed Index

A lot has been going on with crypto for the past year, with more and more investors and traders coming into new heights being reached. To add, despite a lot of new money coming in, Bitcoin has fallen in terms of price in December as a lot of whales have started to cash out their long-term holdings.

As per the tweet by Bitcoin Fear and Greed Index, the recent sentiment of the market is now still in Fear but is leaning into the neutral side at 45 over 100. 100 means an extremely greedy market, while 0 means an extremely fearful market.

Could BTC Go Up to $100K?

In general, a market in fear usually results in a bearish trend, while a market in greed results in a bullish trend. To expand, when the market was in a state of fear, the common consensus was what if BTC fell below $40K, which is its strong support? This, however, did not happen, and the cryptocurrency is currently trading around the $48K to $49K mark.

The market is currently divided, with some investors extremely bullish on Bitcoin saying it will go all the way to $100K as per Pablo Barth's reply to the tweet while others are believing it will go to zero.

Former PayPal CEO Said BTC to Get 'Closer to Zero' in 2018

Notable individuals that believe BTC will go "eventually a whole lot closer to zero" include PayPal's former CEO, Bill Harris. As per a 2018 interview on CNBC Television, the former CEO stated that the price of Bitcoin would drop when the price of Bitcoin traded at $6K two years before it hit its recent ATH at $69K.

Despite Bill Harris being bearish on Bitcoin, the platform he worked at as CEO, PayPal, currently accepts BTC now as per CNBC. With more and more investors and conventional institutions finally accepting Bitcoin, the less likely it seems that the cryptocurrency will eventually reach zero.

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No Confirmation Yet

However, with the current market dropping, some investors are stating that this is just a healthy correction due to the extreme spike that happened ever since Bitcoin hit the $40K mark. To expand, as of the moment, however, the situation for BTC has become more positive.

It hasn't been confirmed that the market is back to being bullish, but as of the moment, altcoins have started to multiply in value.

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This article is owned by Tech Times

Written by Urian B.