As Bitcoin bears drag the leading cryptocurrency below $11,000, the overall sentiment on BTC is now in the fear zone, according to a popular index from Alternative.me.
The Fear & Greed index analyzes market volatility, social media and surveys to measure the sentiment among crypto traders.
On Saturday the index registered 59, indicating greed, as Bitcoin traded sideways between $11,381 and $11,440. It currently registers at 45, a sign that investors are worried the price may drop further.
Run by the developers and creators of Strawpoll.com and Thundercheck.org, the index shows that when traders are fearful, a market correction is typically underway. The needle is designed to shift into “extreme fear” when a significant correction has taken place, indicating that investors are overly worried and that a buying opportunity could be at hand.
Right now, Bitcoin is down 4.08% at $10,976 according to COIN360. Ethereum is down 1.73% at $208.69, XRP is down 0.90% at $0.2992 and Litecoin is down 2.09% at $84.22.
Crypto Daily analyst Jefe Caan says he believes BTC is likely to dip below $10,000 in the coming weeks.
“Bitcoin has already begun its downtrend to the bottom of the descending triangle and the price has just broken below the fib circle on the weekly chart.
It would not be surprising to see the price decline straight to the bottom of the descending triangle in a matter of one or two weeks.”
Here’s a look at the latest forecasts from across the cryptosphere.
Crypto Daily – Bitcoin likely to plunge Below $10,000 in the weeks ahead