According to the head of a cryptocurrency fund, Bitcoin could be nearing its lowest price this cycle. It is still below $83,000 while market sentiment continues to remain fearful.
“Some broader macro data still looks poor, but it also wouldn’t surprise me if we put in a near-term floor locally given the significant level of fear and liquidations,” Charles Edwards, founder of Capriole Investment and Bitcoin expert Charles Edwards, told Cointelegraph.
Bitcoin sentiment increases despite flat price
Despite the Crypto Fear & Greed Index — which measures overall crypto market sentiment — tapping a more than two-year low score of 10 on Feb. 26Signaling “Extreme Fear,” Edwards claimed he didn’t really pay it much attention.
The Crypto Fear & Greed Index has dropped significantly since its Jan. 31 “Extreme Greed” Source: Score of 76. Source: Alternative.me
“I am not a big believer in the Crypto F&G metric and strongly prefer the CNN Fear and Greed metrics, which cover the broader market. It, too, is in extreme fear today. As is the AAII sentiment survey,” He told me. referring According to an American Association of Individual Investors poll.
On Feb. 27, Altenrnative.me’s Crypto Fear & Greed Index jumped 6 points to an “Extreme Fear” Bitcoin, score 16,BTC) showed no signs of a near-term recovery. Bitcoin was down by 0.57% during the previous 24 hours. It currently trades at $82,260. according CoinMarketCap Data
Bitcoin’s price has fallen by 16.42% during the past week. Source: CoinMarketCap
There are many who point out the macroeconomic uncertainties and concern about US President Donald Trump’s proposed tariffs Bitcoin and the crypto market have declined for several reasons. Since Trump’s inauguration, Jan. 20, when Bitcoin hit an all-time high of $109,000The value of the asset dropped by almost 24.5%.
Edwards believes that the red flashing sentiment indicator is a sign of an upcoming market recovery. “We have quite a lot of bearish ‘sentiment’ confluence. Which historically has been a good marker for a potential dip/reversal opportunity,” He said.
Sistine Research, a crypto investment firm, said the recent drop of Bitcoin to $82,242 may be a sign that it is nearing nadir.
“Imo ~30% odds that was pico low on BTC,” Sistine Research said It was posted on the X website, Feb. 27. However, it warned that if the stock market keeps dropping in the coming days, Bitcoin could find a bottom at $73,000 instead — a level it hasn’t seen since Nov. 7.
Related: Bitcoin whale ‘Spoofy’ accumulates $344M BTC as price tumbles below $90K
The Standard and Poor’s 500 (S&P 500) is down 4.13% over the past five trading days, as per Google Finance data.
CryptoQuant’s founder and CEO Ki Young Ju has recently been interviewed said Bitcoins dropping to $77,000 is a possibility “are low.”
Bitcoins still have “room to run”
Thomas Perfumo said, in a statement dated Feb. 26, that Bitcoin’s structure indicators were improving. “suggest that the broader crypto market still has room to run.”
“Right now, dominance remains strong in the low 60s — indicating that market momentum hasn’t yet reached a speculative peak. At the same time, stablecoin market cap has grown 11% year-to-date, signaling continued onchain capital deployment,” Perfumo said.
Ben Simpson, founder of Collective Shift, told Cointelegraph recently that current market conditions may present an opportunity to buy crypto.
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Source: cointelegraph.com
