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Bitcoin (BTC) has been firmly caught within the throes of immense volatility over the past several days and weeks, with its recent bout of sideways trading ultimately resulting in a massive movement that caused a maximum pain scenario for traders. This volatility has come concurrently with “extreme fear” amongst investors, which may be a counter-trading signal that means a bullish shift in trend is imminent, and this may be perpetuated by a rise in volatility that is expected by analysts. At the time of writing, Bitcoin is trading up just under 3% at its current price of $7,520, which marks a notable climb from its daily lows of just over $7,000 that were set in the midst of a major sell-off experienced by the cryptocurrency yesterday. This sell-off – which had led many analysts and investors to believe further downside was imminent – ultimately resulted in a strong bounce that led the cryptocurrency to post an incredibly strong movement up to highs of $7,800. From this point, Bitcoin has retraced slightly to its current price levels, and its inability to sustain the bounce has called into question the long-term significance of this rally. Hsaka, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes that the crypto markets, and Bitcoin in particular, will soon see a large increase volatility. One factor that should be noted alongside the imminent volatility that is expected by analysts is that investors are currently expressing extreme fear, which has historically been a factor that is counter-traded by investors. Mr. Anderson, another popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, telling his followers that this low market sentiment could actually be a bullish sign for Bitcoin. If bulls are able to sustain the upwards momentum that was sparked earlier today when BTC surged to $7,800, then the crypto may be poised for further near-term gains.
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Bitcoin Extreme Fear Amongst Investors May Signal That a Trend Shift is:
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