- Bitcoin remains above $90K, but sentiment is shifting as the Crypto Fear & Greed Index drops from “Greed” to “Neutral.”
- Analysts are divided on whether the rally is sustainable, with some warning of a potential dip despite Bitcoin’s dominance.
Bitcoin‘s impressive surge above the $90,000 mark has left many analysts and investors wondering if the rally is sustainable. On April 23, the Crypto Fear & Greed Index spiked to 72, indicating a shift into “Greed” territory for the first time in two months. But as Bitcoin continues to hover just below $94,000, sentiment in the market is showing signs of slipping.
While Bitcoin has certainly retained its dominance—currently exceeding 64% of the total cryptocurrency market capitalization—the mood surrounding its future has grown more cautious. Despite the apparent strength of Bitcoin’s price, analysts are expressing concerns about whether the rally can sustain itself. The Crypto Fear & Greed Index, which measures overall market sentiment, had dropped to 60 by April 25, showing that the enthusiasm may be fading despite Bitcoin holding steady.
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This turn in sentiment contrasts with the euphoric optimism that drove Bitcoin’s ascent earlier in April. “Greed” was last recorded at this level in early February, shortly before a major correction saw Bitcoin fall back below $100,000. Since then, Bitcoin has reclaimed the $90,000 mark, but analysts remain divided about the sustainability of this recovery.
Markus Thielen, Head of Research at 10x Research, remains cautious, suggesting that the lack of high activity in stablecoin minting could indicate that the rally might not be as strong as it appears. He warned that Bitcoin’s price could experience a slight dip before any further gains.
However, there are still bullish voices in the market. Michaël van de Poppe, founder of MN Trading Capital, remains optimistic, predicting that “buyers are likely going to step in” and that Bitcoin could continue its path toward new all-time highs. The increasing inflow of funds into Bitcoin-based ETFs, which have seen record-breaking inflows in April, could also signal that institutional investors are still bullish on Bitcoin’s long-term prospects.
Despite Bitcoin’s impressive price level, its market dominance and the growing presence of Bitcoin ETFs suggest that the cryptocurrency still holds a strong position in the broader crypto ecosystem. However, as analysts continue to question the sustainability of this rally, only time will tell if Bitcoin can maintain its bullish momentum or if a correction is on the horizon.
