Market

Hot trend story crypto “Buy the Dip” and extreme fear last week

The crypto community went through a difficult period over the past week as Bitcoin lost more than 10% of its value while pulling many altcoins downhill at the same time. BTC price fell significantly, by $ 8,000 in just a few days, and eventually fell below $ 40,000 – a 7-week low.

This massive setback was fueled by major developments in global financial markets, including a stock market slump and the liquidity crisis in China Evergrande, as well as regulatory uncertainty over the past week. These developments and the associated drop in prices have led to a dramatic shift in market sentiment, as the popular Fear and Greed Index notes.

Yesterday, Bitcoin magazine reported that the Overall Sentiment Index had fallen to 21, indicating “extreme fear”. The last time the index fell to a similar low on July 21st, when Bitcoin price fell to $ 30,000.

The value itself ranges from 0 (extreme fear) to 100 (extreme greed). Its historical values ​​suggest that the coin has moved dizzyingly through the spectrum, as it has only been showing a sense of “extreme greed” last month. While its fluctuations are usually caused by cryptocurrency price movements, many other factors also play a role such as volatility, market volume, surveys, social media trends, and more.

While some market participants remained cautious, many others noticed a silver layer in this cloud of fear. Along with the advice of the legendary Warren Buffet “Be afraid when others are greedy and greedy when others are afraid”, some Bitcoiners have taken this opportunity to “buy the dip”.

Cryptocurrency analyst Anthony Pompliano recently noted that “Buy the Dip” has become a trending topic on Twitter, and he is very supportive of the trend too.

The source: Anthony Pompliano

This trend has been followed by many people including the President of El Salvador who recently purchased 150 BTC worth over $ 6.75 million. Additionally, the world’s third largest Bitcoin whale just bought 321 BTC for $ 40,500 yesterday. The total value of this lot is more than $ 13 million.

The renowned analyst Michaël van de Poppe has to advise His followers are piling BTC in this price range while also saying that this is a healthy correction as a September precedent.

Finally, even the ardent BTC advocate and MicroStrategy CEO Michael Saylor to say In the long run, such cuts are really insignificant as the current price will be a very small number compared to the final value.

MicroStrategy, one of the largest Bitcoin holders, recently bought another 5,050 BTC. Saylor’s bullish outlook has become his motivation to “buy the dip” as he recently stated that it is better to buy BTC when the market cools rather than waiting for the price to hit $ 1 million.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to Ambcrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best Coins to Buy Now: Qubetics Sells 200M Tokens to Raise Over $2.7M as Cardano and Avalanche Look to Strengthen Bullish Trend

Best Coins to Buy Now: Qubetics presale raises $2.7M with 200M tokens sold as Cardano…

17 minutes ago

Pepeto’s $600K Presale Highlights Vision for Supporting Memecoins Ahead of 2025

London, united kingdom, 22nd November 2024, Chainwire

2 hours ago

Robinhood Exec Dan Gallagher Declines SEC Leadership Role

Robinhood Exec Dan Gallagher declined consideration to lead the SEC, affirming his commitment to Robinhood…

3 hours ago

Best Cryptos to Buy in November 2024: What Sets Qubetics Apart from Fantom and Immutable X?

Discover why Qubetics, Fantom, and Immutable X are the best cryptos to buy in November…

4 hours ago

Franklin Templeton Digital Assets and Sui Now Join Hands to Strengthen DeFi Strategy

Sui Foundation partners with Franklin Templeton Digital Assets to enhance DeFi solutions on the blockchain.

4 hours ago

Get Insights on BlockDAG’s $136M Presale Success Revealed in Recent AMA—BTC Soars to $99K, Avalanche Trading Volume Surges

See how Bitcoin confronts $99K resistance, Avalanche enjoys a 23% rise, & BDAG achieves a…

4 hours ago

This website uses cookies.