'Extreme Fear' Hits Crypto Markets After Bitcoin Gives Up $75K Spike
Bitcoin has dropped below $70,000, erasing recent gains and pushing crypto market sentiment into “Extreme Fear,” as measured by the Crypto Fear and Greed Index. After briefly surpassing $75,000 earlier in the week, Bitcoin retreated to around $69,340, down about 3% in 24 hours and dipping under $69,000 intraday. Despite the gloomy sentiment, many prediction markets expect a shift towards a more neutral or even positive outlook, with a majority favoring a move to a “Neutral” sentiment index value. In contrast, some analysis warns of potential further declines, with Standard Chartered predicting a possible drop to $50,000 before any return to $100,000, and CryptoQuant identifying $55,000 as a potential bear market bottom. Predictors are currently split on whether Bitcoin’s next major move will be a rise to $84,000 or a fall to $55,000, with declining confidence in a rapid price recovery.
