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Will October Bring Fearfulness To Crypto For 200 Straight Days?

Will October Bring Fearfulness To Crypto For 200 Straight Days?
Data shows the crypto market has been fearful for 171 days already, will the streak continue in October and reach 200 days? Crypto Fear And Greed Index Points At An Extremely Fearful Market As per the latest weekly report from Arcane Research, the crypto market has been continuing to show a fear sentiment since April of this year. The “fear and greed index” is an indicator that measures the general sentiment among investors in the cryptocurrency market. For representing the sentiment, the metric makes use of a numeric scale that runs from zero to hundred. All values of the index greater than 50 imply the market is greedy, while those below the threshold suggest fearful investors. In these main sentiments, there are two zones that have historically been particularly important for prices of coins like Bitcoin. These are the “extreme greed” and “extreme fear” regions and they occur at values greater than 75 and below 25, respectively. Related Reading: Get Forked: Ethereum PoW Forks Fall 66% In Just Days The relevance of the extreme sentiments is that tops have usually taken place in the former type of periods, while bottoms have formed in the latter ones. Now, here is a chart that shows the trend in the crypto fear and greed index over the last year: The value of the metric seems to have gone down in recent days | Source: Arcane Research's The Weekly Update - Week 37, 2022 As you can see in the above graph, the crypto fear and greed index recently observed a small surge as the Ethereum merge came around, but as soon as the investors realized it was a sell-the-news event, the sentiment dropped back down sharply. Two days ago, when the report came out, the indicator had a value of 23, which would suggest extremely fearful mentality. Since then, it hasn’t budged much as today’s value is still 22. Related Reading: Bitcoin Falls Under High Selling Pressure, What Will Shoot Its Price? The crypto market has been in a state of fear since the month of April, making it a continuous run of such sentiment for 171 days now. Back during the relief rally in August, the indicator came the closest to escaping from this region and ending what has become the longest streak of fear in the history of the index. However, before investors could embrace greed, the rally ended and the sentiment immediately plunged down. Currently, it’s unclear when the run would finally come to an end. If it keeps on and runs through October, crypto investors would have observed 200 days of fear. BTC Price At the time of writing, Bitcoin’s price floats around $19.2k, down 5% in the last seven days. Over the past month, the crypto has lost 10% in value. Looks like the price of the coin has been mostly moving sideways in the last few days | Source: BTCUSD on TradingView Featured image from Thought Catalog on Unsplash.com, charts from TradingView.com, Arcane Research

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