The last time Bitcoin investors were so scared was the low of $ 3,000 in 2018
The recent Bitcoin crash has caused significant damage to the market structure and has caused most major altcoins to drop to new multi-year lows. Although the market has largely recovered from its recent lows, the background of the global bear market seems to indicate that further losses could be imminent.
This intense bear market has also led to a drop in investor sentiment along with the price of Bitcoin, with the fear and greed index showing that investors are currently just as scared as they were at previous lows.
At the time of writing, Bitcoin is trading in 5. 400 Dollar, which is a remarkable decline from the multi-day highs of 8. 000 means dollar. The rapid decline seen at the end of last week and Bitcoin from these highs to lows in the middle $ 3. 000 – area led to a massive decline in the stock market.
This downward trend was continued by a flood of liquidations at BitMEX, which made it incredibly difficult for the bulls to defend themselves against the intense selling pressure.
The fear of BTC investors indicates that the bottom has been reached
Micahël van de Poppe – a prominent crypto-analyst and former full-time trader on the Amsterdam Stock Exchange – spoke about the fear factor in a recent tweet, noting that the last time there was so much fear, BTC's bottom at 3. 000 Dollar end 2018 was.
“Bitcoin: Enough said. Examples of the last times we saw these values on the index: February 2018, the low at 6. 000 Dollar crash. April 2018, the new low there. November-December 2018, the low of 3. 000 dollars ”, he stated.
$ BTC #BITCOIN
Enough said here.
Examples of the last times we've seen these levels on the index:
▫️ February 2018, the low at $ 6, 000 crash.
▫️ April 2018, the new low there.
▫️ November-December 2018, the $ 3, 000 bottoming. pic.twitter.com/bKWxKuEdbn
– Crypto Michaël (@CryptoMichNL) March 14, 2020
If historical precedents continue to provide insight into the future, this factor seems to indicate that there is a good chance that BTC will experience some upswing.
Proof of text: newsbtc
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