Sunday, 3 March 2024

Crypto News

BTC expected to slide to $40,000

Memeinator price outlook as Bitcoin, crypto eye big week

  • Bitcoin (BTC) is expected to drop to as low as $40,000 despite hitting $49,000 post-SEC approval.
  • Crypto Fear and Greed Index drops to neutral after hitting October 2023 lows.
  • Investors seek clarity as Google searches spike 1,100%, questioning BTC’s fall.

In a rollercoaster week for the cryptocurrency market, the approval of spot Bitcoin ETFs in the US sent shockwaves through the industry. Bitcoin’s initial surge to $49,000 quickly turned into a decline, leaving market sentiment in a state of uncertainty.

As investors grapple with the aftermath, key indicators and market analyses offer insights into potential price movements and the impact of ETF approval on Bitcoin’s trajectory.

Bitcoin’s whirlwind

Bitcoin, the world’s largest cryptocurrency, experienced a momentous turn of events following the approval of spot Bitcoin ETFs by the SEC. The announcement triggered a rapid price surge, with BTC’s price reaching $49,000 within 24 hours. This surge was met with excitement, as industry players celebrated a significant step toward mainstream adoption.

However, the bullish rally was short-lived, as profit-taking sentiments among traders led to a substantial correction. Bitcoin tumbled to $41,500, wiping out the gains and prompting a shift in market sentiment. This sudden decline raised questions about the sustainability of the bullish momentum and the immediate implications of ETF approval.

Crypto Fear and Greed Index reflects changing sentiment

In the aftermath of the price turbulence, the Crypto Fear and Greed Index, a reliable gauge of market sentiment, took a notable hit. Dropping to its lowest level since October 2023, the index on January 15 stood at 52 out of 100, marking a shift to “neutral” sentiment. The decline in sentiment contrasts starkly with the earlier peak of “extreme greed” at 76, recorded during the anticipation of SEC’s approval.

Analysts suggest that the index’s plunge reflects the market’s response to the ETF approval, with the initial excitement giving way to a more cautious stance. The $BTC community, eager for mainstream adoption, is now grappling with uncertainties surrounding the…

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