Popular cryptocurrency analyst Nicholas Merten looks at an important indicator that Bitcoin has bottomed and is poised for a big breakout.
In a new strategy session, Merten takes a look at the fear and greed index, which measures the general sentiment of cryptocurrency traders and investors using a variety of data sources such as social media, Google trends, and surveys.
Merten points out that when the fear and greed index shows maximum optimism and enthusiasm, it’s usually a good time to sell. On the contrary, when the index shows maximum pain and concern as it does now, it is often a significant buying opportunity.
The analyst says the fear and greed index usually doesn’t show maximum pain for long, and when it subsides, the price usually climbs with it:
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.