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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Sentiment Now Close To Extreme Fear: Why This Matters

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Bitcoin

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Data shows the Bitcoin market sentiment has worsened recently and is approaching extreme fear territory.

Bitcoin Fear & Greed Index Has Plunged Inside The Fear Region Recently

The “fear and greed index” is a Bitcoin indicator that tells us about the general sentiment among the investors in the Bitcoin and broader cryptocurrency market. This metric uses a numeric scale from zero to a hundred to represent this sentiment.

When the index has a value greater than 54, the investors share greed. On the other hand, values under 46 imply the presence of fear in the market. The in-between region naturally suggests that the majority mentality is neutral currently.

Here is what the Bitcoin fear and greed index looks like right now:

Bitcoin Fear & Greed Index

The value of the index appears to be 30 at the moment | Source: Alternative

As displayed above, the Bitcoin fear and greed index currently has a value of 30, meaning that most investors in the sector share a mentality of fear.

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Just yesterday, the indicator had a value of 40, implying that the sentiment has worsened quite a bit during the past day.

Bitcoin Fear

Looks like the metric's value has sharply declined | Source: Alternative

Besides the three core sentiments already discussed, there are also “extreme fear” and “extreme greed.” These two regions of the indicator have been pretty significant historically for the cryptocurrency.

The reason is that extreme fear occurs at and under 25 when the major bottoms have formed for the asset’s price. Similarly, the tops have occurred in extreme greed (at and above 75).

Bitcoin has generally tended to go against what most investors expect. The extreme regions are when this expectation is the strongest, hence why a reversal occurred.

A trading technique called “contrarian investing” exploits this apparent pattern. Warren Buffet’s famous quote says, “be fearful when others are greedy, and greedy when others are fearful.”

The current value of the index (30) is quite close to the extreme fear region, which means that if sentiment worsens further in the coming days, it might drop into this territory. Naturally, if such a drop happens, a contrarian investor might take it as a signal to buy the cryptocurrency.

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Interestingly, if Bitcoin bottoms out in the coming weeks and sets itself up for a reversal, it would align with the historical Halloween Effect. According to this effect, BTC and other assets usually perform the best between 31 October and 1 May.

Those who practice the “sell in May and go away” strategy come back this season to buy back into the asset. It remains to be seen how the Bitcoin sentiment will develop in the coming month and if the Halloween Effect will play any role.

BTC Price

At the time of writing, Bitcoin is trading at around $26,200, up 1% during the past week.

Bitcoin Price Chart

BTC has enjoyed some rise during the past 24 hours | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Alternative.me
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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