According to Matrixport, a crypto services provider, its Bitcoin Greed and Fear Index can predict when the bitcoin (BTC) market is about to change direction.
The index shows how investors are feeling, from very optimistic (greed) to very pessimistic (fear).
Usually, when investors are too greedy, the market is at a peak, and when they are too fearful, the market is at a bottom.
The index has recently bounced back from 30% to 60%, indicating that the bitcoin market is recovering from the downtrend that started in July, when the index was above 90%.
This suggests that investors are becoming more confident and bullish about bitcoin.