By Elliott Wave International
Bitcoin rallied 48% from July 1 to its intraday peak on September 21, and Ethereum has come roaring back too. Crypto investors have noticed.
This is the Crypto Fear & Greed Index, a widely followed gauge of crypto market mood. For most of the past year it sat in “fear” territory, sinking into single digits in February. Since mid-August it has surged, reaching 74 (“greed”) near Bitcoin’s recent highs.
Here’s what makes that remarkable: according to Elliott Wave International, investors were showing more optimism than they did at Bitcoin’s all-time high last October.
So what does a mood swing like this mean? Is the rally the start of a new advance, or a bull trap?
That’s the question EWI’s Senior Cryptocurrency Analyst, Tony Carrion, takes on in The Crypto Rally: Breakout or Bull Trap? The report is based on his analysis in the October Global Market Perspective. Inside, you’ll find:
- The Elliott wave structures now unfolding in Bitcoin and Ethereum
- What investor sentiment may be signaling next
- Why Solana, XRP and Chainlink are sending distinctly different signals than the two crypto giants
- EWI’s big-picture outlook for all five
As the report puts it, simply being “bullish crypto” or “bearish crypto” isn’t enough right now.
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