Ah, Bitcoin! The digital gold that dances like a dervish, now teetering on the precipice of a correction, perhaps to the fabled land of $72,000. The market, it seems, is a fickle mistress, and the sentiment of its investors has plummeted to depths not witnessed since the dark days of 2022.
On the fateful day of February 28, Bitcoin (BTC) found itself languishing at a disheartening low of $78,197, a staggering fall of over 28% from its lofty heights of more than $109,000, which it had gallantly reached on January 20. One might say it is akin to a noble steed that has lost its way, wandering into the wilderness of despair.
According to the astute Iliya Kalchev, a dispatch analyst at the digital asset investment platform Nexo, Bitcoin may indeed find itself retracing its steps toward the “low $70,000’s range as the market repositions.”
Yet, fear not, dear reader! A “significant drop below $75,000 seems less likely,” Kalchev reassured the anxious souls at CryptoMoon, adding:
“While there might be a temporary backtrack as the market fills in the gaps left during the rapid climb, Bitcoin is more likely to establish firm support in the $72,000 to $80,000 range.”
“This support could provide a foundation for a more sustainable recovery, reducing the likelihood of a deeper retracement,” he continued, as if he were a sage imparting wisdom to a gathering of bewildered villagers.
Other seers of the market have also prophesied a Bitcoin bottom near $70,000 in the early days of 2025, just before the next grand rally, which one can only hope will be more triumphant than a peacock in full display.
In a curious twist of fate, Bitcoin’s correlation with the global liquidity index suggests that its right-hand side (RHS), the lowest bid price for which one might part with this digital treasure, may dip below $70,000 by the end of February, after having soared near $110,000 in January. Such is the capricious nature of fortune!
The first ominous warning of a correction to $70,000 was sounded by Raoul Pal, the founder and CEO of Global Macro Investor, back in November. He had the audacity to predict that Bitcoin would reach a “local top” above $110,000 in January, just before the current correction, as if he were a modern-day oracle.
Crypto investor sentiment drops to 2022 low
While the wise analysts expect Bitcoin to find its footing and embark on a recovery in the coming weeks, the crypto market remains shackled by a lack of investor confidence, much like a bird with clipped wings.
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The last time sentiment sank to such depths was shortly after Bitcoin nosedived to $17,500, suffering a monthly decline of over 37% in June 2022. It seems history has a way of repeating itself, much like a bad joke at a family gathering.
The decline in investor sentiment has been attributed to a veritable cornucopia of external and crypto-specific factors, as Bitfinex analysts informed CryptoMoon, adding:
“Overall, the combination of a sharp Bitcoin price drop, regulatory uncertainty, security breaches, and declining altcoin valuations has led to extreme fear in the crypto market
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2025-03-01 17:10