Impending Lows Market Participants Explain What To Anticipate From Bitcoin In The Near Future
Given that the market has recently experienced minimal volatility and price moves that are not particularly encouraging to market watchers, Bitcoin has not demonstrated any clear signals of a breakout in the immediate term.
As we approach the end of the month, the firstborn cryptocurrency appears to be experiencing a severe decline to the $18k region after a brief gain this week that saw it rebound above $23k. Important analysts have contributed their opinions.
Bitcoin’s unexpected bottom, according to analyst
Market sentiment has not been positive for the asset class, nor for any other digital asset in the area, with BTC technical indications pointing to bearish developments in the near future. The majority of people are expecting a bottom to occur soon, however a prominent expert of the cryptocurrency market has noted that BTC is likely to bottom when investors least expect it.
According to Kevin Svenson, “Bitcoin market cycle bottoms rarely occur when everyone agrees, and it’s unlikely to happen when everyone receives their ideal price”.
Bitcoin never ceases to amaze us. He said that his prediction would fall “middle” of what the market participants anticipate.
However, renowned researcher Justin Bennett has provided some clear statements regarding what to anticipate from BTC. According to Bennett, BTC is forming a bearish trend that might cause it to fall as low as $8,500 in the near future.
Bennett acknowledges that his trendline is not particularly significant in light of past performances, but the analyst emphasized that BTC is in “uncharted territory” in this current bear market as stocks also appear to have declined significantly, likely in large part due to macroeconomic conditions. These are unusual circumstances, and Bennett acknowledges that a startling fall might be on the horizon.
The Crypto FGI’s value of 18 does not represent a particularly rosy future
The Crypto Fear and Greed Index also has a rating of 33, which denotes “fear.” Due to the uncertainty and apprehension that the current Crypto Winter has injected into the market, the market mood as measured by the FGI has remained in the acute fear zone for a few months.
The FGI was at a low of 8 in mid-June, when the crypto markets felt the coldest, so even while a FGI value of 18 does not signal a particularly positive picture for the crypto market, it is crucial to remember that. The recovery comes after the fleeting rallies that assets managed to summon at the beginning of this month.
With a value of -0.07, the Coinbase Premium Index, which measures the buying pressure on US institutional investors, has been relatively weak recently. The Fund Market Premium also has a value of -29, indicating that buyers of BTC funds and trusts are not particularly enthusiastic.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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