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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Despite Cryptocurrency Market Recovery, Sentiment Is Still Extremely Fearful

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
cryptocurrency fear FTX

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Now that the dust has settled on the historic, record-breaking collapse the cryptocurrency market experienced earlier this month alongside the stock market, gold, and many other traditional assets, Bitcoin and altcoins have begun to recover.

But although cryptocurrency prices are recovering across the board, according to the crypto market Fear and Greed Index, sentiment is still in extreme fear. Does this mean it’s a time to be greedy while the market is fearful, or is the fear so extreme that taking a new position is dangerous?

Cryptocurrency Market Rebounds, But Sentiment Remains in the Gutter

Because cryptocurrencies are speculative assets, and much of their valuations are derived from hype and promise, investor sentiment is especially important.

And because it is such an important factor, a Fear and Greed Index was designed to track investor sentiment and help to make sense out of that sentiment reaching extremes of fear or greed.

Related Reading | How Fear and Greed in the Crypto Market Can Lead To Incredible Profit 

The index is typically so accurate in representing the emotional state of the market, that it has been used successfully as a trading strategy.

Oftentimes, taking a contrarian position against the market, enormous profits can be made. As the famous Warren Buffett saying goes, it is wise to be fearful while others are greedy, and greedy when others are fearful.

And with the market in such extreme fear, that old adage would suggest that now is the time to buy Bitcoin with everything you’ve got, as fear as never been more extreme.

Not just within the crypto market, but fear is currently everywhere in the world. The coronavirus is a black swan event that’s caused such mass disruption and death, that the entire world is terrified of not only the pandemic itself, but the potential economic fallout that could last for decades as the world recovers.

Because fear is so extreme, both inside and outside of the cryptocurrency market, it’s wise to stay extra cautious when considering any investments or trades right now, and additional risk management strategies should be applied.

It's interesting to see how Bitcoin has recently reached $6700 but market sentiment is still extremely fearful$BTC #Crypto #Bitcoin pic.twitter.com/IgsVzjmqN1

— Rekt Capital (@rektcapital) March 24, 2020

Coronavirus Causing Extreme Fear Means Crypto Investors Should Proceed With Caution

However, reaching extreme fear doesn’t always coincide with a price increase. The last time fear was this extreme, was in August 2019, when Bitcoin was trading above $10,000. In the month following, Bitcoin suffered a $2,000 drop.

That drop didn’t even bring sentiment back to the extreme fear it saw just a month prior, even despite one of the largest drops of the year taking place.

Related Reading | Is the Coronavirus The Black Swan Event That Crushes Cryptocurrency? 

What’s undeniable, however, is that extreme fear can cause investors and markets to react irrationally. And because there is so much unpredictability due to the coronavirus, its best to play it safe and proceed with caution.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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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

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