The price is up, but so is fear. Bitcoin returned to $30,500 while the Crypto Fear & Greed hit 8/100, its lowest value since March 28, 2020. (Reporting via WilliamSuberg)
“The argument for 13K-14K $BTC on the premise that past major bear markets have led to 80% declines from the top makes a major assumption- that 65k was the cycle top,” he wrote.
“It’s the same assumption people made at 30k in June ‘21 before we rallied to a new ATH of 65K 3 months later.”already for such an event, with MicroStrategy — the company with the largest corporate BTC treasury — even prepared to buy up supply to stem the fall. Asked whether BTC/USD could repeat the retracement from its 2019 highs near $14,000 to the $3,600 floor during the March 2020 COVID-19 crash, Credible Crypto was just as skeptical.
“Not expecting that. Is it possible? Yes, but as I’ve said previously a retest of prior cycle highs has never happened before- so I find it highly unlikely,” heFor Cointelegraph contributor Michaël van de Poppe, it was a question of the United States dollar cooling its bull run versus other fiat currencies in order to give risk assets some breathing space.U.S. dollar index 1-day candle chart.
“If I look at the current state of the $DXY, I think we’ll follow through with this scenario. Assuming we’ll be seeing some corrective move, the highs have been swept for liquidity. Losing 103.7 points and I think we’ll get more downwards pressure here -> risk-on assets up,” heMarket sentiment data meanwhile reflected the majority consensus across crypto — that anything could now happen, with bias firmly skewed to the downside.
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