CandleFocus Bitcoin at risk as investors interest is ‘worse than bear market’ lows
2024-09-29
Author: Content Editor
The general market sentiment for Bitcoin is not fully bullish despite its recent surge. Search volumes for Bitcoin are lower than levels seen during previous bear markets, indicating dwindling interest from investors. The majority of investors are bearish and have abandoned tracking crypto trends. While there is a vocal minority that remains bullish, overall sentiment suggests that Bitcoin and other cryptocurrencies may be becoming irrelevant to the broader market. Excessive optimism and high greed levels may indicate overbought conditions and the potential for a market correction. Some analysts anticipate a potential correction for Bitcoin in the coming months if it continues to trade below the $71,000 mark. However, others believe that Bitcoin is destined for a record high by Q4 2024, with a potential breakout to new all-time highs. Investors are hopeful for a rally in October, known as "Uptober," and if Bitcoin clears $68,000, it may have a chance at reaching the $100,000 record high.
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