Bitcoin is trading near $69,340 on Thursday, according to CoinGecko, down roughly 3% in the past 24 hours after briefly surpassing $75,000 on Monday. The retreat has pushed sentiment on Alternative.me‘s Crypto Fear and Greed Index back into “Extreme Fear,” a reading that factors in social media activity, trading volumes, and volatility.
Participants on Myriad, a prediction market operated by Decrypt’s parent company, assign 59% odds that the index climbs to a “Neutral” value of 55, compared to 41% odds it falls further to “Extreme Fear” at 5. Predictors are also evenly split on whether BTC next moves to $84,000 or drops to $55,000.
Analysts at Standard Chartered have previously forecast a dip to $50,000 before Bitcoin reclaims $100,000, while CryptoQuant analysis places the potential bear market bottom near $55,000.
Originally reported by Decrypt.
