Here’s the market update for this week. A few more things I want to mention that I didn’t get in the 5 minute video.
Here is the Bitcoin fear and Greed index.
Right now we are at a 63 which is in the greed zone but it’s not an extreme reading. Other major tops came at at least a 70 or more on the index so that shows we could still have some room before a pullback.
We also have this chart which I saw the other day. Cash on the sidelines is at its highest point ever.
It’s even higher than the covid peak. That tells me that people are still scared to invest in assets and would rather hold cash. They are thinking that a recession is imminent and they are sidelined waiting to buy lower. However, as this market continues to shrug off bad news and push higher this will likely kick off serious fomo to fuel a massive bull rally into the summer.
All in all I think we could see a slight pullback sometime in the first weeks of April before this rally really gets going much higher into May. In the meantime alt coins are just getting started on their run so I am still looking to buy any pullbacks. April is a historically great month for crypto returns and I am expecting this April to be no different.
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