The price of Bitcoin has been declining in the last few days, and it can keep on falling until it reaches $72,000. This is because the confidence of investors in the market has stayed low, as was the case in 2022.
Bitcoin May Experience Price Drop
On Feb 28, the Bitcoin price crashed to a more than three-month low of $78,197. That was a steep fall of more than 28% from its January high of $109,000. According to some analysts, Bitcoin can still drop, perhaps to the low $70,000. But they also point out that a steep drop below $75,000 is less likely.
Analysts are of the opinion that Bitcoin can have a decent support of between $72,000 and $80,000, and this will help it stop dropping further. Bitcoin can rebound in the future if it holds above this range.
SHORT: #BTCUSDT $BTC by @CrazyS
— BDX Crypto (@bdxguild) March 17, 2024
Traders, despite a late entry, I predict Bitcoin may reach $75,000 before a price correction, provided it doesn't drop significantly.
Register: https://t.co/mWHh0p2GwD#cryptocurrency #crypto #tradingopportunity pic.twitter.com/EzUa8U1hm7
Market Sentiment Hits Low
Investor sentiment is very bad. The Crypto Fear & Greed Index dropped to 20, a low reached in July 2022. The index previously dipped this low when Bitcoin dropped to $17,500, dropping over 37% in a single month.
The market fear is based on a number of reasons. Analysts identify the drop in Bitcoin price, regulatory risks, and security threats as the factors that explain the low sentiment. Additionally, the Bybit hack that occurred in February contributed to the general fear in the market.
Hope for Recovery
Some experts are still optimistic that Bitcoin will find its bottom and bounce back eventually. They opine that Bitcoin may hit a price floor of $70,000 in early 2025 before starting another surge upwards. This may result in a more sustainable and stable rise in the future.
In the meantime, investors are watching Bitcoin to see if it will maintain its value in the $72,000 to $80,000 range. If it does, the market might start to bounce back in the coming weeks.
