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Low BTC Sentiment Signals Opportunity: Will Bitcoin Hit $100K Next?
Bitcoin’s recent price correction has led to a significant drop in sentiment, with many investors and traders feeling anxious about the future of the cryptocurrency. However, this negativity may be a contrarian opportunity for investors who are willing to take on some risk.
Data from Santiment suggests that the current fear, uncertainty, and doubt (FUD) could indicate a contrarian opportunity, as markets often rebound against retail expectations. As the market sentiment has plummeted to its lowest level of 2024, it’s possible that Bitcoin’s price will begin to recover soon.
Historical fractals are also being cited by crypto analysts as potential signs of an upward trajectory for Bitcoin before year-end. Elja Boom, a popular analyst, notes that there is a strong possibility that Bitcoin’s daily chart could lead to a recovery above $100K in the near future.
While some experts are predicting another week or two of correction, Rekt Capital suggests that this downturn may last as long as similar corrections seen in 2017 and 2021. However, it seems unlikely that such a prolonged decline would occur without some kind of fundamental shift or major external event, which currently does not seem to be the case.
The future outlook for Bitcoin remains optimistic, with many analysts still expecting a significant increase by the end of next year. The key factors driving this potential price increase are expected to include improving global economic conditions and more lenient monetary policies.
As always, it is important to remember that predicting cryptocurrency prices is inherently risky and subject to many variables outside of anyone’s control.
Source: www.crypto-news-flash.com
