Bitcoin (BTC), has seen a price increase of more than 20% since last Thursday. The rally could now take its usual breather.

This is the message of Matrixport’s bitcoin Greed and Fear Index (GFI), whose value has increased from less than 10% to 93% within a week.

The index tries to track the dominant market emotions. Above 90% readings indicate greed or excessive optimism, and below 10% figures represent extreme fear or pessimism.

Our Bitcoin Greed & Fear Index reached record levels in record-time. Markus Thielen of Matrixport’s head of research, strategy and analysis said that short-term investors would be wise to lock in gains.

The GFI’s 21-day SMA indicates that there will be more upside once the current exuberance phase fades. (Matrixport) (Matrxiport)

In the past, a reading above 90% has been associated with bitcoin’s interim price peaks and a reading below 10% has predicted price rallies.

The 21-day moving average is still well below the 90% mark. This means that the overall path of lowest resistance for cryptocurrency is on the upward side.

Thielen said that the fact that the 21 day moving average (black lines) is still increasing could indicate that bitcoin prices will have more upside once the current phase is over with some consolidation.

Chart analysts predict a rally up to $35,000 or higher.

The price bounced off the throwback zone to complete the falling wedge setup. The inverted heads and shoulders as well as the falling wedge target zones are both available. CoinDesk’s market analyst Josh Olszewicz said that we also have overhead pivot resistance at $38,000.

“I expect prices to try a move toward the mid $30k area with heavy resistance, and a reconsolidation prior to any move higher,” Olszewicz said.

CoinDesk - Unknown(Matrixport)

Bitcoin’s pullback from the mid-April high of $31,000 to the former resistance-turned-support of $25,200 early this month represented a “throwback”. This pattern can often lead to a price increase, as seen in the last few days.

According to CoinDesk, Bitcoin was worth $30,065 as of the time of publication.

Since last Thursday, Ether (ETH), which is the second largest cryptocurrency in terms of market value, gained 15.9%, underperforming Bitcoin by a significant margin. Ether’s GFI Index is still below 90%. This means that it may continue to climb while bitcoin has a rest.

Parikshit Miishra is the editor.