Analysts Confident Bull Market Will Continue Despite Extreme Fear
The crypto Fear & Greed Index fell to its lowest level since April over the weekend following Bitcoin’s crash below $104,000 on Friday.
The market sentiment indicator registered “extreme fear” with a rating of 23 on Saturday and has climbed to 29 on Sunday, but remains deep in “fear” territory.
Market sentiment has not been this bad since the April crash, which was caused by US President Donald Trump’s tariff announcement. Back then, around $500 billion was wiped off the total market capitalization, and Bitcoin tanked to $76,000.
October has been worse, with $900 billion exiting markets in a record leverage flush last weekend. Bitcoin also deepened its correction, dumping 17% from its all-time high on Oct. 6.
Don’t Panic Yet
Markets have yet to recover from last week’s crash, and total cap remains at a three-month low of $3.72 trillion. Nevertheless, most experienced analysts and traders remain unconcerned, having witnessed these types of bull market corrections numerous times before.
Bitcoin has been in an “incredibly steady and solid up trend this cycle,” said ‘Daan Crypto Trades.’ “Even with this recent decline, there’s no big change in market structure yet. But we are at a critical area,” he added.
BTC needs to “rise from the ashes of last week’s events” to get momentum going again, he said.
Analyst ‘Sykodelic’ said markets are still in an uptrend, observing that every decline has hit the 50-week simple moving average, and bounced back as it did last week.
Meanwhile, analyst ‘Crypto₿irb’ noted that extreme fear has struck for the fourth time this cycle as ETFs were rushing to sell, and October is deep in the red.
Analyst ‘Mr Anderson’ was also confident that the bull market wasn’t over, predicting a cycle peak of $148,000.
Crypto Market Outlook
There has been little change in crypto markets over the past 24 hours. Bitcoin has been trading in a very tight range between $106,000 and $107,000 and has failed to break support turned resistance at $108,000.
Ethereum spiked above $3,900 on Saturday but couldn’t hold it and fell back to the $3,850 level, also failing to break resistance above $4,000. The altcoins remained battered and bruised with very little movement in either direction this weekend.
The post Analysts Confident Bull Market Will Continue Despite Extreme Fear appeared first on CryptoPotato.
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