Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
, shows market enthusiasm towards bitcoin and other large cryptocurrencies, with 0 being extreme fear and 100 translating to extreme greed.
The gauge dropped to 29 on Friday, its deepest dive into the fear zone since early January 2023 when bitcoin was trading around $17,000 after 2022's crushing bear market.The metric notably sent out a contrarian sell signal this past March when it reached the 90 level at near what turned out to be the 2024 top of the broader crypto market and bitcoin's all-time high of about $73,500.
"The market expects most Mt. Gox users dump their tokens, but we might see a bounce back if the selling is lower than anticipated, she said."On the other hand, if there is enough selling to push the price lower, we might be looking at the $50,000 level soon." Markus Thielen, founder of 10x Research trimmed his $55,000 price target to $50,000."This situation may compel ETF holders and miners to liquidate more positions," he said in an emailed note, adding that August and September are historically"challenging months" for bitcoin. However, he added,"if the Federal Reserve cuts interest rates in September, bitcoin could see another rally attempt.
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