The cryptocurrency market weakened again towards the end of the week, with the largest cryptocurrency, Bitcoin, briefly falling below $104,000, its lowest level since July.
The Fear and Greed Index, which measures market sentiment, fell into the “extreme fear” zone.
The index, which measures market sentiment, fell to 22 out of 100, signaling “extreme fear.” This trend is also in line with the pessimistic sentiment in U.S. stock markets.
“While Bitcoin and Ethereum have performed strongly compared to US stock markets, general economic headwinds could quickly reverse sentiment in this market characterized by weak liquidity and leveraged trading,” said Vincent Liu, Investment Director at Kronos Research. Liu noted that while the crypto market appears resilient, it remains fragile.
Nick Ruck, Head of Research at LVRG, stated that Bitcoin could fall below $100,000 in a worst-case scenario, adding, “If macroeconomic or foreign policy risks increase, the decline could continue. However, if the Fed cuts interest rates or approves new spot crypto ETFs, the market could recover in the final quarter of the year.”
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/chinese-experts-comment-on-the-future-of-bitcoin-prices/
