In accordance with the Crypto Fear & Greed Index, the indicator is showing extreme fear conditions in the market, as Bitcoin slipped below the level of $40K. Though many analysts believe that the true value of Bitcoin would be over $1,00,000, other analysts are predicting that a bear market is near.
The plunge took place near the close of the day on September 21, with Bitcoin prices having drawn down by 16% from approximately $47,300 at the beginning of the day, to tag a local low of $39,650 at around 9 pm UTC.
The slip in the price of Bitcoin noted a 25% retracement from the recent high of Bitcoin above the level of $50K. This pullback comes after BTC gained over 80% since hitting the $29K mark on July 20 and since then, Bitcoin has recovered to change hands above $42K.
Mr. Whale, unlike other analysts, released a statement saying that the bear market is here. The official statement said that:
“The same maxi’s who tricked their sheep into buying their Bitcoin bags at $64,000, is now urging them to “buy the dip” and promising a huge rally to $100K. The bear market is here but they will never admit that because they would lose all of their followers."
Mike Novogratz, the CEO of Galaxy Digital, recently made an appearance on CNBC to offer that he won’t be feeling nervous unless BTC is able to hold above the level of $40K, and Ethe crashes below $2,800. He added:
“As long as those [price levels] hold, I think the market’s in good shape.”