The cypto market has been with a lot of buzz, mostly because of the performance of Bitcoin in the recent past. There is however, some hope as macro comparisons suggest bitcoin may not experience further dip than it is at the moment, especially when paired with USD.
According to Fidelity executive Jurrien Timmer, Bitcoin has already experienced its lowest and is not expected to go further lower. He did this through his Twitter handle on Monday.He strongly believes bitcoin will resist at $40k.
There is finally some hope for Bitcoin Bulls
So far on Monday, Bitcoin resisted at $40K against $40K against USD. Even though it did not reach the anticipated $47,000, its performance came with positive vibes, especially with endorsement from influential Elon Musk.
From Timmer, there are many positive signs that show Bitcoin is set to increase in price. In his opinion, Bitcoin is at its bottom. He supported his allegations through a BTC/USD chart. Fidelity has taken big strides as far as Bitcoin activities are concerned. So far, it has an analytics platform and is working on launching an exchange-traded fund (ETF). It has been in the eyes of United State regulators as of May.
The bullish mood
We can gauge the bullish mood through a Crypto Fear & Greed Index. It shows its back near 40 which is near its neutral level of 38/100. This is positive after Bitcoin hit its lowest in a long time.
The index uses a variety of variables to measure and decide whether traders are bearish or bullish at a certain price level. From that, you will easily determine the performance of tokens, whether they are oversold or not.
What does it mean for the market?
As much as the price drop may be positive for some investors as it is buying time, there are still those who were skeptical and sold their assets. There are many who are exploring other crypto options such as Ethereum and NFTs. There is no doubt that the price will recover and those who made good use of the drop in prices will enjoy good profits.