Bitcoin (BTC) is all but guaranteed a price drop if one sentiment metric is right about the state of the market.
On Nov. 19, with BTC/USD lingering at $17,500, the Crypto Fear & Greed Index hit 94, nearly matching its all-time high of 95 points out of 100 on June 26, 2019.
Fear & Greed Index. Source: Cointelegraph Markets, Digital Assets Data Fear & Greed hits “greediest” in 17 months
Compiled used multiple estimates of investor sentiment, Fear & Greed delivers a normalized score out of 100 to gauge how overbought or oversold cryptocurrency markets really are. The closer to 100, the more chance that the market is due for a pullback.
Heavily tied to price action, the Index has succeeded in calling price tops with considerable accuracy since its initiation in early 2018.
“The crypto market behaviour is very emotional. People tend to get greedy when the market is rising which results in FOMO (Fear of missing out),” developers