Following recent significant volatility, there is a slew of hopeful predictions about the price of Bitcoin. Following Musk’s success in reviving the king coin, there has been a flood of hopeful forecasts about the coin’s price.
Trader and market analyst Lark Davis is looking back in time to see if Bitcoin (BTC) could reach six figures this year.
He recently stated that Bitcoin’s current price movement is similar to Ethereum’s bull run in 2017.
He also posted a figure from Benjamin Cowen, which compares the return on investment (ROI) in prior crypto cycles.
“I particularly enjoy this Bitcoin cycle ROI chart from Ben Cowen. Either this was the shortest cycle with the smallest return on investment, or we’re in for a really amazing second act.”
Fear and Greed Index is a measure of how fearful and greedy people are
He said the following, citing the Fear and Greed Index as a source of information.
“In terms of sentiment, we’re pretty bearish. Many people are feeling very extremely negative, as seen by my comment section here and on [YouTube],” he stated.
He went on to say that the “BTC fear and greed index has been essentially below 25 for nearly two months!”