After Bitcoin recently hit $50,000, the fear and greed index has reached 79, its highest level since late fall 2021.
This metric had remained below 70 for several years, but since last fall, market sentiment has improved markedly as the market recovered and entered a bullish phase.
The market capitalization of the largest crypto on the market is approaching $1 trillion, according to CoinGecko. MN Trading founder Michael van de Poppe predicts the next significant support level for the price is around $46,000.
If this level holds, he predicts a potential price range of $53,000 to $57,000 before halving.
It is worth noting that Rekt Capital believes Bitcoin has entered a recovery phase ahead of the expected reduction in block rewards.