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More Bitcoin and Cryptocurrency Lows Ahead?

 


Bitcoin hasn't shown any clear signs of a strong short-term breakout as the market has been hit with low volatility lately and price action didn't look very encouraging to market analysts. After a brief bounce that took the largest cryptocurrency by market cap to $24,000 this week, the asset looks set to experience another setback towards the end of the month. Some analysts have given their opinion on this.


Bitcoin bottom is yet to come

BTC technical indicators are pointing to a downtrend area. With most waiting for a bottom soon or suspecting that it has already been reached, a well-known crypto market analyst made the following statement:


“The bottom of the bitcoin market cycle almost never happens when everyone agrees,” said Kevin Svenson, “and is unlikely to happen when everyone gets their desired price. Bitcoin always surprises us.” He mentioned that his estimate would be in the "middle" of what market participants expect.


On the other hand, analyst Justin Bennett has made some strong statements about what to expect from BTC. Bennett pointed to a bearish pattern emerging for BTC that could see the value drop as low as $8,500 in the near term.


While Bennett acknowledges that his trendline isn't very meaningful given past developments, the analyst noted that BTC is in "unknown territory" in this current bear market, as shares have also fallen low on macroeconomic conditions. These are unprecedented situations, and Bennett acknowledges that we could be in for a surprise downturn.


Also, the Crypto Fear and Greed Index has a score of 33, indicating fear. Market sentiment, assessed by the FGI, has been in the extreme fear zone for the past few months due to the uncertainties and fears that the current crypto winter has pumped into the market. Nevertheless, it must be mentioned at this point that the index was deep in the red a few weeks ago and that investor sentiment has since improved significantly. For comparison: The “Fear and Greed Index” was still 8 in mid-June.

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