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Neutral Market Sentiment Takes Over as BTC Price Fails to Show Any Signs of Pumps, Analysts Remain Bullish
The cryptocurrency market has been going through a tumultuous period, with the price of Bitcoin (BTC) failing to show any signs of recovery. This has led to a significant drop in positive sentiment, causing the Crypto Fear and Greed Index to fall to a score of 50, indicating ‘Neutral’ sentiment.
While many would be quick to panic sell and cut their losses, analysts remain highly optimistic about the future prospects of the market. In fact, most experts believe that this neutral sentiment presents a golden opportunity for investors to accumulate and prepare for what they see as impending parabolic pumps ahead.
The recent price decline has seen many Bitcoin enthusiasts lose faith in the cryptocurrency’s potential, leading to an increase in fear, uncertainty, and doubt (FUD). However, experienced analysts view this as a buying opportunity rather than a reason to abandon ship. As long as BTC maintains a monthly close above the 38.2% Fibonacci retracement level, they firmly believe that the bullish momentum will continue.
Not only is there a lack of signs of pumps in the current market, but there are also no warning signals for a potential dump. According to some predictions, Bitcoin’s price could surge by another 200% or more before it reaches its cycle peak price for this ongoing bull cycle.
One analyst, Rekt Capital, even went as far as to highlight the importance of holding onto the $91,000 support line to avoid further downside and deepen the corrective period. If this level is breached, the asset’s multi-week corrective phase could potentially worsen.
Despite the current neutral market sentiment, experts are still convinced that Bitcoin will regain its pre-2024 highs and potentially hit new all-time highs in the future. They emphasize the importance of a monthly close above the 38.2% Fib retracement level as this would effectively ensure that the bullish momentum is sustained.
Many have taken to Twitter to share their sentiments on the matter, with some highlighting the potential for a dramatic turnaround in sentiment once market participants take notice of the underlying fundamentals driving the market’s growth.
Source: cryptonewsland.com
