Leading Analysts in the Crypto Industry Are Predicting a Bear Walk for Bitcoin [BTC] Despite the recent price hike. Furthermore, the majority of the population holding the token is also reporting negative sentiment on the prized BTC.
The question is- what is the reason for this negative sentiment and what has been said about the future of the king?
let’s find out
according to a retweet By sentiment, the weighted sentiment metric is pointing to an extremely bearish trend for Bitcoin. The observation suggests a largely negative sentiment from BTC holders in the market. However, it can also lead to unexpected “upside down swings” with a higher leverage ratio and an above-average negative funding rate.
beware of bears
a pseudonym crypto analyst Twitter predicted a new low for bitcoin in 2022. “Whether you like it or not, dedication is likely,” he later said. Looking at the current market conditions, the analyst said,
“Clean range. What is happening inside the range and what has happened at the high range shows that this is a clear redistribution range. Clean break of the low range = last leg down confirm = 21k-23k,”
This comes as a major blow to crypto supporters as bitcoin recently broke the $31,000 cap and consolidated around $30,500. In addition, BTC has also shown signs of recovery after the market crash in May.
Meanwhile, bitcoin fear and greed index It is currently at 17 indicating a period of “extreme fear” for the community. Bitcoin has recently corrected well after a catastrophic May, despite the bearish commentary from analysts. It is currently at $30,200, up 2.5% from the previous day. There has also been an increase in activity on the bitcoin network, with volume increasing by 13% to $40 billion.
Amidst all the recession chaos, a group of Human Rights Foundation activists wrote a letter to Congress defending bitcoin against critics of the cryptocurrency. According to Alexandria, earlier this week, several skeptics submitted an open letter to top US politicians – calling cryptocurrencies “risky, flawed and unproven.”
Dispelling the notion that BTC is a “solution in search of problems”, he cited examples where this digital asset has changed lives for the better – and included links to reputable news outlets as further evidence. Huh.
“We can attest personally – as attached reports from top global media outlets – that when currency catastrophes occurred in Cuba, Afghanistan and Venezuela, bitcoin provided refuge to our compatriots. When Nigeria, When civil liberties were cracked down in Belarus and Hong Kong, bitcoin helped continue the fight against authoritarianism.