<\/p>\n
Crypto traders have not yet shown enough fear on social media to confirm a market bottom, according to a crypto analyst who suggested Bitcoin could still slide to around $75,000.<\/p>\n
\u201cIt looks very tempting to come even closer to it,\u201d crypto market sentiment platform Santiment founder, Maksim Balashevich, said<\/a> on a video published to YouTube on Friday.<\/p>\n A move to that level would represent an approximate 14.77% drop from Bitcoin\u2019s (BTC<\/a>) current price of $88,350, according<\/a> to CoinMarketCap. <\/p>\n Balashevich explained that his hesitation comes from observing significant optimism online that the downtrend will reverse in the near term, which he said is not usually the case when a true market bottom is forming.<\/p>\n \u201cThe crowd isn’t scared enough for a bottom,\u201d Santiment said<\/a> in a report on the same day.<\/p>\n \u201cIn one particular crowd-dominated or retail-dominated channel, they\u2019re mostly discussing Bank of Japan cut rates, and bears got caught, and now we\u2019ll continue up from here,\u201d he said. <\/p>\n \u201cThese kinds of statements are not what I want to see,\u201d he said, adding that if the circumstances were different, he would be \u201cvery confident\u201d in calling a market bottom.<\/p>\n Japan\u2019s central bank pushed interest rates to a 30-year high of 0.75% on Friday, a move that has previously been associated with roughly 20% corrections in Bitcoin.<\/p>\n <\/p>\n However, Balashevich said a move down to this price level would potentially provide a \u201cvery good setup\u201d for traders. <\/p>\n On Thursday, Jurrien Timmer, Fidelity\u2019s director of global macro<\/a> research, said that Bitcoin could take a \u201cyear off\u201d in 2026, with the price potentially falling to around $65,000.<\/p>\n Other analysts, such as Bitwise chief investment officer Matt Hougan<\/a>, are forecasting 2026 to be an \u201cup year\u201d for Bitcoin.<\/p>\n While Balashevich is not convinced that the market has yet reached its bottom, crypto market indicators suggest otherwise.<\/p>\n The Crypto Fear & Greed Index, which measures overall crypto market sentiment, has been lingering in \u201cExtreme Fear\u201d territory since Dec. 14. On Sunday, the Index posted<\/a> an \u201cExtreme Fear\u201d score of 20.<\/p>\n Related: <\/strong><\/em>Bitcoin institutional buys flip new supply for the first time in 6 weeks<\/strong><\/em><\/a><\/p>\n Other indicators are suggesting risk-off positioning among crypto traders.\u00a0<\/p>\nOverly optimistic comments are \u201cnot what I want to see,\u201d says Balashevich<\/h2>\n
Crypto market indicators conflict with Balashevich\u2019s outlook<\/h2>\n