Bitcoin bounced back quite strongly yesterday in the anticipation of what Elon will say in “The B-word” event. After falling below $30,000, it was important that Bitcoin reclaims the support and goes up again. But even though it is currently trading at $32k, the indicators are not very bullish. In fact, crypto investors are still in “extreme fear”, shows the fear and greed index. So, if you are thinking about taking a long position, then wait for a while.
Extreme panic and fear in the market
There has been a strong upbound in the crypto market, but the greed is extremely low, and fear is very high. People still aren’t completely bullish, nor are the markets. This fear could make the price go to $20,000 yet again, so it is important to tread with caution here. It is difficult to say that where the final low of Bitcoin will be. Some say it is at $28k and will not go below that, while others believe it could be much lower.
Every upper movement could be a big possibility of a fakeout to grab investors. But previous patterns show that there is definitely a chance that Bitcoin could make a new high from here on. As of now, the market fear is at 10, which is very high, and it seems to be a good time to buy. As Warren Buffet says that investors should be “fearful when others are greedy, and greedy when others are fearful.” But do not invest all your funds keep something that you can average your buy price with if the price falls.
What do I think?
I am a strong hodler and I haven’t sold any of my alts or Bitcoin since the crash. There is a very good chance that the tokens will rise again and like people are panic selling now they will FOMO back in. So, there is nothing much to think about. If you don’t have an entry then observe the market. And if you have entered at a higher price try to follow dollar-cost averaging to make profits faster. All in all, I am personally invested and you can be too. Do note this is my personal opinion and not financial advice.
What are your thoughts on the extreme fear among crypto investors? And do you think that they will overcome this and take BTC to a new ATH? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.