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Bitcoin’s 15% Weekly Drop Results in Massive FUD: Here’s Why That’s Good News
The past week has been quite eventful for the cryptocurrency market, especially Bitcoin (BTC). The world’s largest digital asset witnessed a staggering 15% drop from its all-time high. While this kind of plummet may cause alarm among investors and new entrants alike, there is an alternative perspective to consider.
As reported by Santiment, the crypto analytics platform, the sentiment around Bitcoin has turned extremely bearish. The crowd is now consumed with Fear, Uncertainty, and Doubt (FUD), which could prove advantageous for contrarians who understand market dynamics. In a surprising turn of events, the asset’s price failed to recover as expected, instead, it continues to struggle above $95,000.
Ali Martinez, a crypto analyst, has also weighed in on the situation. According to his chart analysis, there is a potential ‘buy signal’ for Bitcoin after this correction due to the TD sequential indicator on the 4-hour chart. This tool is designed to pinpoint exhaustion points and identify possible reversals. If accurate, such a signal would be extremely bullish for investors looking to re-enter or make new investments.
However, it’s essential to note that there are still risks involved in this situation. As Martinez emphasized in his tweet, Bitcoin currently resides at the lower end of a crucial support zone that stretches from $97,041 to $93,806. Should this critical demand area fail to hold, we could be looking at a significant drop to around $70,000 as there is minimal support between these levels.
In light of recent events, investors are left with a choice: either wait for a bounce back or take advantage of the current FUD-fueled environment and invest.
Source: cryptopotato.com
