The Australian info Amid a market slump, the crypto market is experiencing growing worry, and expert Scott Melker anticipates a challenging 6-8 months ahead. David Duong, head of researchstudy at Coinbase, recommends that Bitcoin’s flooring cost may be greater than anticipated, forecasting a substantial rebound after a duration of supply fatigue. He highlights the significance of technical elements and market characteristics over principles in the present financial environment. Fear Creeps Back Into Crypto Market Amid the existing market recession there is a lot of worry in the crypto market. Looking at the worry and greed index, we can see the pattern at present is decreasing, which implies we are trending more towards worry, regardlessof being still in neutral area right now. While the index has dropped from 50 theotherday to 48 today, last week was a totally various image – the index revealed greed (60) last week and a tremendous 73 last month, before the Spot Bitcoin ETF approvals. Fear & Greed Index, source: alternative.me So, will we see a reverse quickly? Well, not if you ask Scott Melker, The Wolf Of All Streets thinks we are in for a rough trip. Melker went to X (formerly Twitter) to inform his practically one million fans that he believes the next 6-8 months will be a rough trip. I’m prepared for 6-8 months of slice, how about you? — The Wolf Of All Streets (@scottmelker) January 23, 2024 Indicators of Market Bottoms Melker had David Duong, CFA and head of researchstudy at Coinbase on a current program, who recommends that Bitcoin’s flooring rate is mostlikely greater than some
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