What do experts say when the market enters the "fear" zone?
Experts are showing concern that Bitcoin (BTC) could correct below $50,000. The Crypto Fear & Greed Index, which measures market sentiment, has also dropped to its lowest level of the month, at 22. The last time we entered a panic phase like this was in early August, when the Fear & Greed Index measured 17.
According to CoinGlass data, September is usually the worst performing month for Bitcoin in the year, with an average decline of -4.69%. Indeed, in early September 2024, BTC continued to plummet, approaching the $50,000 area. The possibility of a retest of the $49K area created on August 5, 2024 or falling deeper is possible.
Arthur Hayes also has a negative view when predicting that BTC will fall through the $50K support this weekend. However, there is no need to worry too much. Because this negative price behavior in September is similar to the years 2017, 2018, 2020, 2021 and 2022. Nothing different.
Mags (TheScalpingPro) thinks that this market correction may be forming a Cup-and-handle structure with potential bullish prices in the medium and long term. In your opinion, has Bitcoin bottomed? And is there any hope for an Altcoin season in the late 2024 period?
