Bitcoin (BTC) Index Shows Reasonable Fear – Expect Turbulence Up and Down

News
Thu, 02/27/2020 - 13:03
Yuri Molchan
Now that Bitcoin has plunged below the $9,000 level, the BTC Fear & Greed Index is at 39 and a crypto trader is warning that turbulence on the market should be expected
Cover image via www.shutterstock.com
Contents

On February 26, the Bitcoin price plummeted below the $9,000 mark. The market seems to have taken the turn of events optimistically with many seeing it as another chance to buy the dip.

If you look at the BTC Fear & Greed index, as suggested by trader Mr. Anderson with 50,800 followers, it reads 39, which means ‘Fear’. Therefore, the trader says the community should fasten their seat belts.

‘Expect turbulence up and down!’

Crypto trader ‘Mr. Anderson’ suggests the community take a look at the Fear & Greed Index, pointing out that currently the market is going through a fear stage – the index reads 39.

As the creators of the index explain – extreme fear could mean a buying opportunity since investors are very worried at this point. When it comes to extreme greed – it sometimes means an upcoming Bitcoin price correction.

Currently, it is not ‘extreme fear’ but 'reasonable fear'. So ‘Mr. Anderson’ warns that the price may start showing high volatility. The trader admits, though, that he would have expected it to be ‘extreme fear’.

Image via Twitter

The data from the Index website shows that fear was stronger earlier – between December 2019 and January 2020, when the Index pointed to 21.

Related
$150 Mln Worth of Bitcoin Liquidated on BitMEX as BTC Price Melts Down to $8,600

‘Buying BTC below $10k is a golden opportunity.’

Bitcoin enthusiast and crypto trader Carl Eric Martin has tweeted that now is a perfect time to accumulate Bitcoin, while the price is below $10,000. Calling this a golden opportunity, he believes that buying BTC below $20,000 and even below $100,000 is still a good decision – since, he emphasizes, we are so early in this market.

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy