Bitcoin Price Prediction: “Extreme Fear” Hits As Arthur Hayes Sees BTC At $50K After US Jobs Report, But Experts Say This P2E SHIB Might Explode
The Bitcoin price dropped 1% in the last 24 hours to trade at $56,311 as of 00:23 a.m. EST on trading volume that tumbled 4% to $30 billion.
The BTC price fell slightly below $56,000, sparking concerns among investors, before rebounding. The Crypto Fear & Greed Index slumped to 22, showing ”extreme fear” among investors.
BitMEX co-founder Arthur Hayes added to the bearish narrative when he said he’s shorting Bitcoin and predicted BTC will plunge to $50k this weekend following the US jobs report today.
Such a prediction comes amid concerns about the sluggish U.S. economy and disappointing employment data.
Bitcoin Price Bearish – A Bullish Trend Reversal Incoming?
The Bitcoin price, as it coincides with the overall negative sentiment of the market, has been trading within the falling channel pattern, according to data from GeckoTerminal . The $60,000 resistance still remains a challenge for the bears.
BTC now trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which aligns with the current price correction.
Even though the Relative Strength Index (RSI) still trades below the neutral zone, currently at 39, it shows signs of a rebound, which could suggest that buying pressure may pick up at this level.
With the asset being undervalued and investors selling more, the Bitcoin price may rebound in the coming days as the selling opens up more buying positions. In this scenario, the bulls may propel the price of Bitcoin to a bullish trend reversal as they target $64,000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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