The Bearish Sentiment: 70percent Think Bitcoin’s Bottom Is Below $6,000

Bitcoin and many altcoins have indicated a couple of successive days of adverse price action. In a current survey seeing Bitcoins’s potential underside, over 70percent of respondents said it would be under $6,000. Additionally, that the Fear and Greed Index is falling daily, further affirming the negative opinion among the neighborhood.

Where Will Bitcoin Bottom? )

One of their very prominent cryptocurrency analysts ran a Twitter poll regarding Bitcoin’s bottom. The community had four choices to select from, ranging from $3,000 to $6,500, and the results are somewhat intriguing.

Most individuals appear to believe that the biggest crypto’s reduction isn’t completed yet, and it’ll go under $6,000.

36% replied that it might locate the lowest stage somewhere between $5,000 and $6, respectively 000, although the choice “$6,000-$6,500” obtained 31%. The two pessimistic options have been from $3,000 to $4,000 and $4, respectively 000 to $5,000. The former obtained 19 percent, although the latter accumulated the least amount of votes — 14%. )

Interestingly sufficient, this isn’t the first time that the community replied in an identical bearish way. Back at the middle of October, negativity was spreading too, with Bitcoin trading at approximately $8,000, and folks were calling a collapse to $6, respectively 000. However, In that the upcoming few months, the cryptocurrency did not go below $1,300 and only days later burst to $10,350.

Fear & Greed Index

The Fear and Greed indicator provides the current opinion on the marketplace, by measuring and aggregating distinct information, such as quantity, polls, social networking, volatility, along with BTC dominance. The effects begin from 0, representing “extreme fear,” into 100, which suggests “extreme greed.”

In that the past several months, the indicator was generally within the intense fear stage. Yesterday, it had been 23, along with the number has dropped to 15 now. Moreover, the previous time it was previously 40 was just a month before, and ever since that time, fear is apparently the principal opinion among the community.

Fear&GreedIndex. Source: alternative.me

However, it is well worth mentioning that the indicator isn’t necessarily a cost index. For example, when Bitcoin has been trading at about $3,400 on February 6th, the panic index revealed “14”. In that the upcoming few times, BTC’s cost jumped to $4,200, and more than $5,000 later on.

Another instance comes from June 26th this season, when greed was in its greatest yearly point — 95. Coincidently (or maybe ), this was the day when Bitcoin attained its year-to-date high in nearly $14,000. What followed was just another movement in the opposite direction, decreasing the price to $9,000 within only a couple of weeks.

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