Earlier today, the Bitcoin [BTC] market suffered a significant blow, with the asset plummeting from a high of $61,055 to a low of $57,800. As of press time, BTC is trading at $58,854.99, marking a 3.60% increase. Following suit, other market participants such as Ethereum [ETH] and Solana [SOL] have experienced declines of 4.40% and 8.96% respectively in the past 24 hours.
The asset is currently 20.2% below its all-time high of $73,750.07, reached four months prior in March 2024. BTC’s price is now at its lowest point in two months. After years of delay, some experts link the recent downturn to Mt.Gox’s plans to start reimbursing funds taken from clients during the 2014 misconduct incident, beginning in July 2024. The repayments will be made in Bitcoin and Bitcoin Cash [BCH], which could introduce selling pressure to the market. Despite the bearish sentiment flooding the market, certain assets continue to show a bright side.
Bitcoin investors remain bullish
The Bitcoin market is divided, with one faction quickly selling off during price drops, while the other continues to accumulate. Data from Santiment indicates that retail buyers are actively purchasing Bitcoin priced below $60,000. Santiment states,
“There are signs that this is an opportunity to buy the dip. Ideally, we should wait for their enthusiasm to subside. The time to buy is when they are impatient and skeptical.”
The above graph illustrates that mentions of “buying the dip” on Reddit, X, 4chan, and Bitcoin Talk doubled in the two days following Bitcoin’s recent decline. Moreover, the Cryptocurrency Fear and Greed Index, which gauges investor sentiment towards Bitcoin and the broader cryptocurrency market, is currently in the “Fear” zone with a score of 44 out of 100. On June 25, the index fell to an 18-month low of 31 and has since fluctuated between 30 and 53.
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