In a recent tweet, Digital Currency Group CEO Barry Silbert boosted the spirits of cryptocurrency bulls by saying that he is buying Bitcoin.
According to Barry Silbert , the market has already hit “peak agony”
Despite heavy losses, the crypto billionaire has mirrored MicroStrategy CEO Michael Saylor, who recently doubled down on his bullishness. The crypto fear & greed index, which is updated daily by alternative.me, reached a score of 7 on Wednesday, putting it even further into “extreme greed” zone.
In a recent blog post, former BitMex CEO Arthur Hayes warned cryptocurrency investors about “a wild ride to the downside.” In the midst of a tug-of-war between bulls and bears, Hayes warned that the forthcoming weekend will be crucial for the market.
Bitcoin fell to an intraday low of $20,530 earlier today, with bears attempting to break below the crucial $20,000 support. Mike Novogratz, CEO of Galaxy Digital, anticipated that Bitcoin will take some time to fully recover from its recent slump. Since November, the world’s largest cryptocurrency has lost more than 70% of its value.
Bitcoin is still under pressure because to concerns about the Federal Reserve’s highly hawkish monetary policies. Inflation is “very important” to the central bank. Novogratz has claimed several times that if the Federal Reserve stops raising interest rates, the market will turn bullish.
If bears ultimately challenge the iron-clad support level, veteran chartist Peter Brandt just tweeted that Bitcoin could witness a relief bounce.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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