Bitcoin’s rollercoaster ride continues, and the latest twist in the tale has left the crypto community in a state of “extreme fear” as the price plunges to $53,000. The divergence between market sentiment and fundamental reality is leaving many investors scratching their heads, with some seeing it as a golden opportunity to “buy the dip” (BTFD).
As the cryptocurrency market experiences heightened volatility, emotions among traders have intensified. The Fear and Greed Index, a popular metric that gauges market sentiment, has now hit the extreme fear zone, reflecting the prevailing unease among investors. The question on everyone’s mind: is this fear justified, or is it an overreaction to short-term market fluctuations?
Bitcoin’s price movements are often influenced by a myriad of factors, including macroeconomic trends, regulatory developments, and market sentiment. While the Fear and Greed Index suggests a high level of anxiety in the market, some argue that it may be a misreading of the overall situation. The “wild” divergence from reality, as mentioned in the article, highlights the emotional rollercoaster that often characterizes the cryptocurrency landscape.
For seasoned investors, extreme fear can be an indicator to “buy the dip” and capitalize on undervalued assets. BTFD, a popular acronym in the crypto community, encourages investors to seize opportunities when the market experiences sudden downturns. However, this strategy is not without risks, and caution should be exercised as market conditions can change rapidly.
It’s essential for investors to consider both short-term market sentiment and long-term fundamentals when navigating the crypto landscape. While extreme fear may create buying opportunities, it’s crucial to assess the underlying factors driving market sentiment and determine whether they align with the broader outlook for Bitcoin.
As the crypto community grapples with this latest bout of market turbulence, one thing is certain: Bitcoin’s resilience and ability to bounce back have been demonstrated time and again. Whether the current sentiment proves to be an overreaction or a genuine cause for concern, only time will tell. In the meantime, investors are advised to stay informed, exercise prudence, and make decisions based on a careful analysis of both market sentiment and fundamental realities.
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,000 Bitcoin Price Prediction From Mysterious BTC ‘Whale Whisperer’ Goes Viral
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A self-declared cryptocurrency whale whisperer known for being a top trader on BitMEX is bullish on the Bitcoin price trajectory over the next five months.
In a new viral tweet, AngeloBTC tells his 150,000 followers on Crypto Twitter that BTC is coiling in a triangle that will lead to an eventual breakout and surge to $16,000 by October.
Last month, Angelo compared the current BTC price path to the early days of its epic run to $20,000 back in 2017.
This time around, he believes Bitcoin is en route to $30,000 in 2021. “Crazy how they had to tank the stock market to shake people out before the halving.
Crazy how we are still going to $30k.” BTC is currently battling psychological resistance at the $9,000 level.
At time of publishing, Bitcoin is down 4.50% in the last 24 hours at $9,072, according to CoinMarketCap.
That’s an 8.39% drop from a recent high of $9,903 set on May 17th.
In the short term, analyst and trader Michaël van de Poppe says BTC is at risk of a further drop to low $8,000 levels.
“Testing the support level here (might wick to $9,100), after breaking below the rising wedge structure. Holding here and we can test the range highs again. If Bitcoin can’t, I’m assuming the $8,200-8,500 level to be tested as support next.”
In other trending Bitcoin News today:
Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K
The price of Bitcoin is set to test lower levels as support after numerous attempts to break $10,000 have failed.
Since May 20 Bitcoin (BTC) price has dropped nearly 10%, shifting traders’ focus from taking out the $10K resistance to now holding above the all-important $8,800 support.
The short-term bearish trend took hold after the top-ranked crypto-asset on CoinMarketCap experienced repeated rejections near the $10K mark, which took the form of higher lows at $9,942, $9,905 and $9,849.
Failure to set a higher high above these levels and the steady loss of momentum eventually caused the price to drop below the bullish pennant and the last two days have seen the bearish move intensify.
For the time being, Bitcoin price continues to find support at the ascending channel trendline but the strength of each bounce from this support is beginning to thin and a number of traders are now calling for a revisit to $7,400-$6,500 if the $8,800-$8,575 support gives out.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Imagine shorting the best performing asset of the decade.
— Angelo฿TC (@AngeloBTC) May 21, 2020
https://cointelegraph.com/news/bitcoin-traders-now-eye-6-7ks-after-4-failed-attempts-to-break-10k
https://cointelegraph.com/news/dont-buy-bitcoin-says-wealth-exec-as-lebanon-chooses-btc-over-fiat
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BTC PRICE COULD RECOVER IF BULLS DEFEND THESE KEY LEVELS | Chainlink Up 40% Despite Crypto Meltdown
➡️ OPM Wealth: http://opm.cryptonewsalerts.net
The BTC price faced a serious downturn this week, shedding more positions from above $9,500.
Now, the Bitcoin price is fighting for key support levels, in case it breaks down closer to the low $8,000s.
Bitcoin bounced on Friday, moving to $8,659.07 after dipping twice to the $8,500 tier.
At these price levels, the accounts in the money and out of the money are pretty well balanced.
The latest IntoTheBlock report shows that bitcoin may put up a serious fight around the $8,600 to $8,900 level, where 873,000 addresses are holding onto 643,000 BTC.
If that level breaks through, there are other signs of possible support levels between $8,100 and $8,300.
At that area, defense may come from an even larger group of 810,000 holders, who bought 593,000 BTC at this price point.
Addresses out of the money, if they decide to liquidate, may pose resistance at above $9,150.
But overall, the robust number of addresses in the money may lead to “hodling” behavior, giving bitcoin more resilience.
Chainlink (LINK) Up 40% despite Ongoing Crypto Meltdown; More Gains Coming?
Chainlink’s native token LINK was among the biggest gainers as a majority of assets in the crypto market plunged deeply earlier this week.
The eleventh-largest cryptocurrency beat the bearish odds to grow by more than 40 percent since February 26.
It established a week-to-day high at $4.38 in early Saturday trading, hinting its inclination to behave as a hedge against Bitcoin, the top asset that plunged by circa 16 percent this week.
“Chainlink is receiving tremendous exposure during this BTC, ETH retrace. It’s performing with the lights on. There will be a sizable increase in wallets. More excited evangelists. More tweets. More buying, less selling. Welcome All To The Brotherhoood. LINK”
The safe-haven narrative was not in play during most of the February session.
The LINK-to-USD exchange rate slipped almost in tandem with the rest of the crypto market after settling its year-to-date high of $4.90.
It was down by up to 36 percent before it even attempted a pullback.
But Chainlink validated its key supports, which other cryptocurrencies failed to maintain.
The coin bounced back from its 50-day moving average, showing higher buying interest near the area. It was not the case with Bitcoin or XRP, which plunged below their short-term moving averages in massive sell-off rounds.
Chainlink’s ability to maintain its crucial floors led to a decent recovery this week, opening up the possibilities of extended upside momentum in the next.
“A bullish retest of the monthly close bought up recently,” said popular market analyst CryptoGainz. [There is now] zero resistance above. Absolute juggernaut. No reason to think [LINK] won’t outperform the field again next month.”
2020 #bitcoin halving will not be an easy ride:– US/Mnuchin: draconian anti-btc laws– Craig Wright: legal & patent FUD– Hacks: like 2016 halving (DAO,Bitfinex)– MtGox & PlusToken selling narrative– Miner death spiral & futures FUD– Forks
Risk vs S2F:https://t.co/FIMcEZWDPn
— PlanB (@100trillionUSD) February 18, 2020
Massive $68 Trillion Wealth Transfer Bullish for Bitcoin (BTC), Says Crypto Influencer
A looming, massive transfer of wealth is one of the single largest reasons to be bullish on Bitcoin, according to crypto influencer Nick Chong.
Chong, a journalist and marketer at the HTC Exodus Bitcoin division, says Millennials will likely funnel a portion of inherited wealth from their parents and grandparents into BTC, a shift that bodes well for the leading cryptocurrency’s long-term prospects.
“Bitcoin’s most bullish statistic: millennials will inherit $68 trillion from baby boomers. Why? Confluence of distrust in institutions, devaluation of fiat, shift from gold to BTC, and the growth of digital tech will make Bitcoin investing a no-brainer.”
Cerulli Associates, an asset management research firm, estimates nearly 45 million US households will hand over $68.4 trillion in wealth to heirs and charity in the next quarter century.
Chong cites an April 2019 report from venture capital firm Blockchain Capital, which indicated that millennial interest in Bitcoin was increasing despite the bear market at that time.
Wrote Spencer Bogart, a general partner at the firm,
“Younger demographics appear most inclined to purchase Bitcoin: 42% of those aged 18–34 said they are ‘very’ or ‘somewhat’ likely to purchase Bitcoin in the next 5 years — up 10 percentage points from 32% in October 2017.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
#Chainlink is receiving tremendous exposure during this $BTC, $ETH retrace. It’s performing with the lights on. There will be a sizable increase in wallets. More excited evangelists. More tweets. More buying, less selling. Welcome All To The Brotherhoood. $LINK
— John Cioffoletti (@JohnCioffoletti) February 27, 2020
Where’s money going? It’s clear money’s going into US10Y bonds (Blue). Money was going into Gold until recently (Black). Bitcoin (Orange) continues to be dragged down with stocks (Green) at this point.
BUT, the stage is set for #Bitcoin to do it’s own thing this weekend. $BTC pic.twitter.com/pZzgh225lK
— Alex Saunders (@AlexSaundersAU) February 28, 2020
With Crypto Markets, Gold, Stocks Falling, Where is the Money Going?
Chainlink (LINK) Up 40% despite Ongoing Crypto Meltdown; More Gains Coming?
Bitcoin Price Could Recover If Bulls Defend These Key Levels
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BITCOIN IS HEADING TO $500K SAYS GALAXY DIGITAL’S MIKE NOVOGRATZ – HERE’S WHEN!! BTC HITS NEW ATH!!
💰 BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
Mike Novogratz, CEO of crypto management firm Galaxy Digital, is revealing when he thinks Bitcoin will hit his target of $500,000.
In a discussion with Michael Saylor on the WORLD.NOW event hosted by MicroStrategy, Novogratz proposes that Bitcoin will continue to perform well, more so as a store-of-value asset rather than as a currency.
“I think we’ve hit a tipping point in this network effect I talked about, and my base case is: if I look at Bitcoin as a percentage of gold, I think Bitcoin is going to be digital gold. I know a lot of people disagree with me. They’ll think, ‘No, it going to be money. It’s going to be the blockchains of all blockchains,’ I just don’t think so. I think it’s got a beautiful lane as a store of value. It was perfectly designed as a store of value.”
Seeing it as a store of value asset, the Galaxy Digital head says he believes the largest crypto asset will continue to catch up to gold’s $10 trillion market capitalization as it prints gains of over 10x in as little as three years.
“I think of it as, ‘What percentage of market cap is gold?’ We’re about 6% of the gold market cap. My sense is by the end of the year we are easily 10%. So that gets you to Bitcoin $55,000-$60,000. I know as soon as we get to 10%, we’re going to say, ‘Well why 10? Why not 20?’ And when we get to 20%, we’re going to be 50%, and then we’re going to be 100%.
So I would be $60,000 end of this year, and I’m $500,000 probably like 2024-2025… It doesn’t happen overnight. It happens with more and more education, with more and more seminars like this, with more and more communities buying into the idea.”
In other trending Bitcoin News today:
Roses Are Red, Violets Are Blue, Bitcoin Hits $49K And A New All-Time High Too
The Bitcoin price achieved a new record above $49,500 on Valentine’s Day on Feb. 14, rising to as high as $49,600 on Coinbase.
There are three main reasons Bitcoin surged to a new all-time high, high stablecoin inflows, clean break of the $38,000 resistance area, and a prolonged consolidation phase.
Throughout the past several days, despite Bitcoin’s consolidation below $38,000, on-chain analysts pinpointed the continuous increase in stablecoin inflows.
According to data from CryptoQuant, a data analytics platform, the Stablecoin Supply Ratio (SSR) rose significantly as it rallied from the mid-$30,000 region.
The SSR indicator shows the ratio of the market cap of Bitcoin relative to the aggregated market cap of stablecoins.
When the price of Bitcoin rises in tandem with the SSR ratio, then it means it is likely being driven by sidelined capital re-entering the market.
This trend is highly optimistic because it shows that the rally was not just driven by an over-leveraged futures market. In fact, it was genuine demand from the spot market that led the uptrend.
Atop the high stablecoin ratio, analysts also pinpointed the decline in selling pressure coming from miners.
The combination of the lower selling pressure from miners and the increasing stablecoin inflows into exchanges catalyzed the ongoing Bitcoin rally.
Bitcoin was consolidating under the $38,000 resistance area for a prolonged period. This presented a risk to the short-term bull cycle of Bitcoin.
When the price of Bitcoin hovers under a key resistance area for a long time, it increases the probability of BTC dropping to a lower support area to tap lower liquidity.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
After the Bitcoin halving in May 2020, miners make half the $BTC they used to make.
Today, miners earned $4m in 1 hour, making it the biggest hourly revenue in history. h/t @glassnode
That’s how fast BTC has risen in the span of 9 months.
— Joseph Young (@iamjosephyoung) February 12, 2021
https://www.theblockcrypto.com/linked/94750/jpmorgan-bitcoin-btc-trading-client-demand-coo-comments
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