Anticipated Bitcoin Adjustment Forecasted at $72,000 by Industry Analyst
Hey there! Listen up, 'cause here's the lowdown on the crypto world, more specifically, Bitcoin.
Bitcoin Bear Market Ahead? Think Again, Mate!
Some pundits might've hinted at Bitcoin's price dropping to $72,000, but hold your horses, ‘cause that's more hot air than hard facts. Ilya Kalchev, an analyst over at Nexo, spilled the beans to Cointelegraph, claiming that we're just seein' a bit of a market hiccup, rather than a long-term bearish trend.
He went on to say that the scene is all riled up, and a quick recovery for digital gold ain't exactly a sure thing, thanks to a steep nosedive in investor sentiment. But hey, don't panic – the show's far from over.
Kalchev believes that there's a chance for a temporary pullback as the market fills gaps left by that rocket-fueled rally. In fact, he thinks that Bitcoin's gonna find a strong support level somewhere between $72,000 and $80,000. This level, he reckons, will lay the groundwork for a recovery, helpin' to prevent a deep correction.
On the technical analysis front, Omkar Godbole contends that Bitcoin's latest sell-off might just be a "healthy retest" of $73,835. The downward momentum could start weakenin' near this level, pavin' the way for a stronger bounce-back.
Gotta Face the Fear, Baby
With bearish pressure growin' like wildfire, the ol' Fear & Greed Index dropped as low as 10 on February 27, screamin' "extreme panic" to all who listened. You might recall that the last time such low levels were seen was back in June 2022, when Bitcoin plummeted to $17,500 (that's a 37% drop in just one month).
As we speak, the index has recovered slightly to 20, still showin' plenty of market fear goin' 'round.
According to the brainiacs at Bitfinex, the worsenin' investor sentiment is thanks to a mix of internal and external factors: The steep Bitcoin price drop, regulatory uncertainty, platform hacks, and altcoin devaluation are all pitchin' in to create a perfect storm of fear.
On the positive side, experts have called attention to the rapid liquidity recovery on Bybit.
Currently, Bitcoin's trading at $84,650, up by a cool 3.3% in the last 24 hours, accordin' to CoinGecko.
Now, hang on tight, ‘cause things are about to get interesting. Experts at Coinglass have pointed out that despite the rough ride, it's still sound advice to hold Bitcoin in your portfolio during this cycle.
So, What's Next, You Ask?
Analysts at Matrixport predict that this correction could last until March or April. They also mentioned that with Traditional Finance (TradFi) investors hoppin' aboard Bitcoin ETFs, macroeconomic factors are playin' an increasingly influential role in Bitcoin's price action.
Stay tuned, folks, ‘cause we're just seein' the tip of the iceberg in the wild world of crypto. Buckle up – it's gonna be a wild ride!
Bitcoin's price dropping to $72,000 might be a temporary market hiccup rather than a long-term bearish trend, according to Ilya Kalchev, an analyst at Nexo. technology is playing a significant role in Bitcoin's price action, with Traditional Finance (TradFi) investors increasingly investing in Bitcoin ETFs. Investing in Bitcoin, even during a correction, could be a sound strategy, as suggested by experts at Matrixport.
