Is It Time To Give Up On Bitcoin?
With Bitcoin down over 25% from its peak earlier in the year, is now the time to escape before it crashes further?
September is historically the worst trading month of the year. Frightening economic metrics are raising the possibility of a recession, and billions of dollars in leveraged longs are repeatedly being liquidated. Hundreds of millions of dollars in ‘historic’ outflows are hitting the Bitcoin ETFs on consecutive days. Analysts warn that Bitcoin will hit the low $40K range when it trades at $54K. Talking heads who preached about Bitcoin’s bullishness a couple of months ago are now saying that no catalysts remain to pump Bitcoin’s price this year.
Fear-mongering is reaching higher levels, negatively impacting the Bitcoin and crypto market. Sentiment is in the gutter, and the influencers have switched their titles from ‘get rich’ to ‘get out.’ It’s no wonder the fear & greed index is bouncing around at the year's lowest level.
And if you think Bitcoin is bad, you are most certainly miserable if you are in altcoins. Times like these make Bitcoin Maxis look like geniuses and earn altcoins…
