- Bitcoin has been faltering since the start of the year as markets continue to waver.
- Investors are getting more fearful.
- Analysts reveal sentiments that will drive an upwards shift for Bitcoin.
Bitcoin, the benchmark cryptocurrency has suffered significant losses since the start of the new year. The largest cryptocurrency by market cap started the year with sideways movements, failing to meet market expectations as it continued to shave off last year’s gains.
The bearish wave for Bitcoin has become even more intense as the weekend closed off with the cryptocurrency market recording more than $900 million in liquidations. Bitcoin long positions got rekt severally too, as more than 40% of long leveraged positions got wiped off.
The result of the market sweep has increased fear for Bitcoin holders. The Bitcoin fear and greed index continues to show that the market is in extreme fear.
However, popular crypto analyst “Rekt Capital” has taken to Twitter to nurse the wounds of worrying Bitcoiners. A blessing in disguise is exactly what the analyst believes the bear market is. From his standpoint, the extreme fear expressed by investors is exactly what is needed for Bitcoin to make a turnaround and head back up.
“Bitcoin investors are getting extremely fearful which is exactly what needs to happen for Bitcoin to get closer to a price reversal.” He affirmed.
Similarly, investor and Bitcoin content creator Ben Armstrong maintains that Bitcoin is far from hitting the top.
“I just don’t think $69,000 was the top, and so as I look at the overall macro fundamentals of the market, the whales and institutions have still been buying.” He said in a recent interview.
He proceeds to say that the continuous Bitcoin purchase from whales is anything but bearish as if said, whales are buying Bitcoin in the same manner that MicroStrategy’s Michael Saylor is buying; buying Bitcoin at any point, simply because he’s certain prices will surge exponentially.
“I hope not. I don’t think we’re gonna be headed there, but ultimately if $69,000 was the top and we have that kind of a drop, I will absolutely be buying that,” he added.
At report time, Bitcoin bulls are struggling to break above $43k. The big bull is already down more than 7% in the last 7 days. Like Bitcoin, most altcoins are also either struggling to break upwards or hold prices at support and push forward.