Extreme fear has dominated the bitcoin landscape for over the month and a metric is down to its lowest position in years.
Amid the ongoing massacre in the cryptocurrency market, the popular Bitcoin Fear and Greed Index has plummeted deep into an “extreme fear” state. In fact, the metric is at its lowest position since the COVID-19 crash.The crypto markets took a massive turn for the worse starting at the end of March. At that time, bitcoin was riding high, close to $50,000, and the community wondered if it will be able to breach that level and even head for a new ATH..
It remained around $30,000 for a while but started plummeting last Friday again. The weekend brought more pain, and so did the start of this week. As a result, bitcointo just over $20,000 earlier today, which became its lowest price position since December 2020. Somewhat expectedly, this predominantly bearish trend resulted in a massive shift in investors’ beliefs and overview of the market. This is best presented by the Bitcoin Fear and Greed Index – a metric determining the overall sentiments by gauging different sorts of data, such as volatility, surveys, social media comments, and more.
It displays the end results from 0 to 100 . Ever since the start of May, the Index has been deep inside “extreme fear.” The past few days saw another decline in the metric, which now shows 7 – the lowest position since the COVID-19 pandemic.Whenever such extreme price volatility hits the market, analysts rush to provide their predictions on what will transpire next.
As the chart below shows, once the metric goes down, BTC tends to bounce off in the short- to mid-term.Either this signal is broken and this time is different or this is one of the best accumulation opportunities for BTC ever.
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