Cryptocurrency market sentiment has plunged back into “extreme fear” as Bitcoin’s price fell below $69,000 on Thursday, surrendering gains from earlier in the week. Despite the downturn, participants on the prediction market Myriad currently favor a shift to “neutral” sentiment ahead of a deeper drop into fear, highlighting divided market expectations. Analysts have previously suggested Bitcoin could still see significant declines, with some forecasts pointing toward $55,000.
Cryptocurrency market sentiment has flipped back to “Extreme Fear” as Bitcoin has fallen below $70,000. The top crypto asset traded around $69,340 on Thursday after dropping to an intraday low under $69,000.
Sentiment shifted on Alternative.me’s Crypto Fear and Greed Index, which captures data from social media, trading volumes, and volatility. Despite the current reading, predictors on the Myriad market favor a jump to a “Neutral” index value.
This potential shift would be significant, as sentiment indexes were near all-time lows in February. At that time, Google searches for phrases like “Bitcoin going to zero” hit their highest levels since 2022.
While traders may hope the worst is over, earlier expert analysis suggests lower prices could still be ahead. Analysts at Standard Chartered forecasted Bitcoin could dip to $50,000 before reaching $100,000 again.
Analysis from CryptoQuant noted that based on previous bear markets, Bitcoin’s “ultimate bear market bottom” would be around $55,000. Currently, predictors on Myriad are evenly split on whether Bitcoin’s next major move is to $84,000 or $55,000.
