In a recent tweet, Digital Currency Group CEO Barry Silbert encouraged cryptocurrency bulls by declaring that he is purchasing Bitcoin.
Silbert feels the market has already achieved “maximal suffering.” The crypto tycoon has mirrored the sentiments of MicroStrategy CEO Michael Saylor, who recently increased his bullishness despite heavy losses.
alternative.me’s daily updated crypto fear & greed index recorded a score of 7 on Wednesday, diving further into “extreme greed” territory.
In a recent blog post, as reported by U.Today, former BitMex CEO Arthur Hayes cautioned cryptocurrency investors of “a wild trip to the bottom.” Hayes cautioned that the forthcoming weekend would be crucial for the market, as bulls and bears were engaged in a tug-of-war.
Bitcoin reached an intraday low of $20,530 earlier today, with bears attempting to breach below the crucial $20,000 support.
According to a report, Galaxy Digital CEO Mike Novogratz anticipated that Bitcoin will take some time to recover from its recent decline. Since November, the biggest cryptocurrency on the planet has lost more than 70 percent of its value.
Bitcoin remains under pressure as a result of concerns over the Federal Reserve’s excessively hawkish monetary stance. The central bank is “very committed” to combating inflation.
Novogratz has frequently indicated that if the Federal Reserve stops raising interest rates, a positive reversal is possible.
Peter Brandt, a seasoned chartist, recently tweeted that Bitcoin might see a relief rally if bears ultimately challenge the firm support level.
Also Read: Mike Novogratz Says It Will Take Bitcoin And Ethereum Some Time To Recover
Wallets