Friday, July 19, 2024

Market Wrap: Bitcoin Gains Despite Extreme Bearish Sentiment in Indicator

Bitcoin has seen a lot of ups and downs and has been the ire of many financial institutions. But in 2021, it has been steadily recovering and is set to reach an all-time high. Experts believe that the BTC will cross the $100k mark by the end of the year.

The RSI value of the coin has also been rising steadily, which means that that coin is well on its path to recovery. But the Fear and Greed Index has been going to extreme levels. Even though Bitcoin is the poster boy for currencies at this point, a few altcoins have been outperforming it in recent times.

Given the high price of entry and technical glitches every few months, there is a high chance it may come closer to a bearish run. But this is a temporary phase that will end up in massive gains over time. Although there are indicators that the value of the coin will further decrease, most experts think the opposite.

Most of them suggest that Bitcoin will reach its all-time high value later this year or in the early months of 2022. In the 4th quarter, the coin will return with a bullish sentiment and see exponential gains. Currently, valued at the $47,000 mark, it has fallen from the $52k mark in a few weeks only.

If you are looking to get into the crypto market, right now is the best time for you to invest. This is because many people are selling their coins because of the bearish predictions.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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