Well now, gather ’round folks, for the tale of Bitcoin, that slippery little rascal, which seems to be tiptoeing ever so cautiously below the grand sum of $83,000. The wise sage of the crypto realm, Charles Edwards, founder of a fund that dabbles in digital gold, claims we might just be nearing the bottom of this wild cycle. Ain’t that a hoot? 😄
“Now, I reckon some of that broader macro data looks as grim as a rainy day in the Mississippi, but I wouldn’t be too shocked if we find ourselves a near-term floor, what with all this fear and liquidations swirling about,” Edwards mused to the good folks at CryptoMoon.
Bitcoin sentiment improves slightly despite stagnant price
Despite the Crypto Fear & Greed Index — a contraption that measures the overall mood of the crypto crowd — hitting a two-year low of 10 on Feb. 26, signaling “Extreme Fear,” Edwards, bless his heart, doesn’t seem to give it much thought. 🥴
“I ain’t one to put stock in the Crypto F&G metric. I much prefer the CNN Fear and Greed metrics, which cover a broader swath of the market. And lo and behold, it too is in extreme fear today, just like a cat in a thunderstorm,” he quipped, referring to a poll by the American Association of Individual Investors.
On Feb. 27, the Crypto Fear & Greed Index took a little hop, skipping up 6 points to a score of 16, still firmly in “Extreme Fear” territory, while Bitcoin (BTC) showed about as much sign of recovery as a turtle in a marathon. It’s down 0.57% over the past 24 hours, trading at $82,260, according to CoinMarketCap data. 🐢
Many a wise observer points their fingers at macroeconomic uncertainty and the looming specter of tariffs proposed by none other than President Trump as the culprits behind Bitcoin’s tumble. Since that fateful day on Jan. 20, when Bitcoin reached a dizzying height of $109,000, it has plummeted nearly 24.5%. Talk about a rollercoaster! 🎢
Edwards, however, sees those flashing red sentiment indicators as a beacon of hope, a sign that a market rebound might just be on the horizon. “We have quite a lot of bearish ‘sentiment’ confluence. Historically, that’s been a good marker for a potential dip/reversal opportunity,” he declared, sounding like a true optimist. 🌈
Crypto investment research firm Sistine Research chimed in, suggesting that Bitcoin’s recent dip to $82,242 could very well mark a near-term bottom. “Imo ~30% odds that was pico low on BTC,” they said in a Feb. 27 X post. But hold your horses! If the stock market keeps on its downward spiral, Bitcoin might just find itself at a bottom of $73,000 — a level it hasn’t seen since Nov. 7. Yikes! 😱
The Standard and Poor’s 500 (S&P 500) has taken a hit too, down 4.13% over the past five trading days, as per Google Finance data.
CryptoQuant’s head honcho, Ki Young Ju, recently stated that the chances of Bitcoin dropping below $77,000 “are low.” Well, that’s a relief, isn’t it? 🙄
Bitcoin still has “room to run”
Meanwhile, the global economist of crypto exchange Kraken, Thomas Perfumo, shared his thoughts on Feb. 26, saying that Bitcoin’s structural indicators “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 explained, sounding like a man who knows his numbers. 📈
Ben Simpson,
Read More
- How to watch A Complete Unknown – is it streaming?
- USD MXN PREDICTION
- USD VES PREDICTION
- COW PREDICTION. COW cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- CRV PREDICTION. CRV cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- FIL PREDICTION. FIL cryptocurrency
- OM PREDICTION. OM cryptocurrency
2025-02-28 05:48