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Opinion: Crypto Market Yet to Show Sufficient Fear to Confirm Bottoming Out
Summary: Contrary to rumors, Santiment indicates that social media sentiment shows the crypto market has yet to exhibit sufficient fear to confirm bottoming out. Santiment founder Maksim Balashevich points out that the current optimism online about a short-term reversal of the downtrend, dominated by retail investors, typically does not appear at true market bottoms. According to ...
Contrary to rumors, Santiment indicates that social media sentiment shows the crypto market has yet to exhibit sufficient fear to confirm bottoming out. Santiment founder Maksim Balashevich points out that the current optimism online about a short-term reversal of the downtrend, dominated by retail investors, typically does not appear at true market bottoms. According to Balashevich's observations, the price of Bitcoin may further drop to around $75,000, a decrease of approximately 14.77% from the current level of about $88,000. Additionally, the Bank of Japan raised interest rates to 0.75% on Friday, a move that previously triggered a 20% pullback in Bitcoin. Fidelity's Global Macro Research Director Jurrien Timmer believes Bitcoin could fall back to $65,000 by 2026. Meanwhile, the Crypto Fear and Greed Index has been in the extreme fear zone since December 14th, with a score of 20 on Sunday.
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Link: Opinion: Crypto Market Yet to Show Sufficient Fear to Confirm Bottoming Out [Copy]
