- The Fear-Greed Index reached 64, indicating a return of greed to the crypto market.
- Increased social discussions and significant developments like the Spot Ethereum ETFs in the US hint at rising interest.
- Notable events include the upcoming Bitcoin conference in Nashville with high-profile speakers and potential bullish announcements.
Greed has once again returned to the crypto market, with the Fear-and-Greed Index hitting 64, a level not seen in recent weeks.
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This renewed level of greed is also reflected in relatively high levels of social activity. Data analysts Santiment said discussions on several popular social platforms point toward an increased interest in Bitcoin and other cryptos.
Does Social Interest Spell Renewed Bull Run?
The renewed interest comes as Spot Ethereum ETFs are approved and started trading in the US. Further, sitting president Joe Biden dropped out of the race for the US election in November which has created excitement in the crypto scene.
Donald Trump is seen as the pro-crypto candidate but recently Kamala Harris – likely to run for the Democrats – seems to have developed an interest in crypto, as per Mark Cuban.
There’s also the upcoming Bitcoin conference in Nashville, Tennessee, which is from July 25 to 27. Among the speakers are popular figures like Donald Trump, Edward Snowden, Michael Saylor and Russell Brand. And then the unconfirmed rumours that Elon Musk may speak or at least appear at the event.
Other rumours swirling around are that Trump might announce plans to make Bitcoin a reserve asset post-election.
Analysts Forecast Bullish Quadrant
This rhymes with a recent analysis of Swissblock who foresee Bitcoin to enter a “bullish quadrant”. This is based on “a series of positive catalysts for Bitcoin’s price” the analysts wrote in a recent note.
Swissblock said that at the start of July, expectations were set for a historically bullish month for Bitcoin. Despite a continuation of June’s bearish trend through the first 12 days, with particularly strong bear dominance in the first week, a significant recovery occurred after Bitcoin broke through the US$60k (AU$90.75K) barrier.
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This breakthrough shifted the market’s momentum towards a more bullish direction, they added. Key dates to watch according to the analysts are July 25-27 for the conference in Nashville and July 26 for the release of data on US personal consumption expenditures (PCE), which helps gauge in which direction the economy is heading.
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