Cryptocurrency enthusiasts are eagerly anticipating a potential massive breakout for Bitcoin (BTC), according to a prominent crypto analyst. In a recent discussion, well-known trader Inmortal shared insights with his substantial following on the X social media platform, highlighting the significance of the Crypto Fear and Greed Index in predicting market trends.
The Crypto Fear and Greed Index serves as a valuable metric for assessing the fear and greed levels within the market. Currently, the index is indicating “extreme fear,” a level that historically precedes market collapses. Inmortal pointed out that this level of fear has been observed during significant market downturns, such as the Covid-19 crash and the 2022 bottom. Interestingly, this extreme fear coincides with the recent announcement of the US establishing a Bitcoin reserve.
Drawing from past data, Inmortal noted that periods of extreme fear have typically lasted anywhere from a month-and-a-half to around five months. Comparing the current situation to previous cycles, he highlighted that during the last cycle, extreme fear occurred three times, with durations ranging from 50 to 160 days.
Moreover, the analyst suggested that Bitcoin might be following a pattern similar to that of 2024. During this period, BTC retraced to a support level, erasing gains from a bullish phase before embarking on a significant rally to establish new all-time highs. Inmortal confidently stated, “We doing this again,” expressing belief in the potential for another breakout.
In addition to Bitcoin, Inmortal also shared insights on Ethereum (ETH), speculating that the altcoin could be on the brink of a substantial breakout akin to Bitcoin’s performance in 2020. Reflecting on the possibility of a continued bull run, he remarked, “I should accept that it’s all over, as others have already done. I’m not saying it will happen, but if the bull run is not finished, we should see something similar to this.”
As of the latest update, Bitcoin is trading at $82,874, maintaining a stable position. Meanwhile, Ethereum is priced at $1,881, showing a slight decline of 3.5% over the past 24 hours.
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(Image credit: Midjourney)
