Hello,
There is an indicator called the Fear and Greed index that tracks the market sentiment. I don't know what are the indicators that tracks this index to make its calculations, but it has been a good indicator to track market sentiment and evolution.
It actually is close to 10 out of 100. It's at the lowest bottom range. We had not been at this level for a long time. The market sentiment doesn't usually stay at the top or bottom ranges for a long time, when it touches one of this points it usually switches direction or goes to more moderate levels.
This doesn't necessarily mean that the prices will go higher as this indicator moves to more moderate ranges. It could go higher, but it doesn't correlate 100%.
By the way, I found this photo from a tweet made by EliNagarBrr that is really funny. There are 2 kinds of people, the ones on the left and the ones on the right. In which side are you in?
It's funny that we as humans can love an asset at $100,000 and then be scared to hold the same exact asset at $80,000. It's very hard to go against our own nature, we are humans and we are governed by emotions. Fear and greed can shape your destiny, don't let this emotions dictate your future, you are better than that.
There is another chart using the same indicator, posted by BitcoinMagazine with the following message:
JUST IN: The #Bitcoin Fear and Greed Index is now at 10, the lowest since 2022 👀 BUY THE DIP ✊
If the market sentiment doesn't switch fast we could see lower levels. I still fell that the price doesn't show the strong fundamentals that we are able to see in the US market. States introducing bills to buy Bitcoin as strategic reserve. The SEC dismissing different cases against Gemini, Uniswap and many others...
This are the news you should be focusing on, US is switching directions to a more crypto and Bitcoin friendly ecosystem. Regulators are embracing crypto, not fighting against it.
Stay safe out there!
Posted Using INLEO
