$38,000 Could Be Bitcoin's New Bottom As Sentiments Turn To Extreme Fear.

10 Jan 2022, 08:00

$38,000 Could Be Bitcoin’s New Bottom As Sentiments Turn To Extreme Fear Analysts are scratching their heads in an attempt to understand the recent Bitcoin price movement. A section is keeping its eyes firmly on the $38,000 mark. The $38,000 PointAs the news of the Fed’s plan to increase interest rates trickled into the mainstream media, the stock markets and the cryptocurrency markets tumbled. Perhaps, one of the most badly hit asset classes was Bitcoin as it lost up to 9% of its value in a single day. This left the asset sinking to lows of $41,000, far below the $48,000 point that it started the year with. BTCUSD Chart by TradingViewAccording to the Crypto Fear and Greed Index, sentiments indicate extreme fear at 15 points. The widespread sentiment is that the asset could be entering the throes of a bearish market with several analysts pointing out the similarities between it and the crash in May 2021. However, other analysts have expressed confidence that the asset could bottom between the ranges of $38,000 – $40,000. Mike Novogratz, the CEO of Galaxy Digital believes this to be the case and that he is “waiting a little longer” to buy into the asset. The veteran investor thinks that there is a “tremendous amount of institutional actions on the sidelines” according to an interview with CNBC.