Crypto Crash: Is Bitcoin About to Find Its Bottom at $72,000?

 

Bitcoin (BTC) recently dropped to a three-month low of $78,197, marking a 28% decline from its January high of $109,000. With investor sentiment at a three-year low, a brief correction to the $72,000 support level seems likely.

Bitcoin’s Correction and Support Levels


Analysts, including Iliya Kalchev from Nexo, suggest that Bitcoin could retrace to the low $70,000 range. However, a drop below $75,000 is considered unlikely. Bitcoin Price is expected to find solid support between $72,000 and $80,000, which could enable a more sustainable recovery. Some analysts predict a bottom near $70,000 before a potential rally in 2025.

Declining Investor Sentiment



The Crypto Fear & Greed Index recently hit a three-year low of 20, signaling extreme fear in the market. Factors such as Bitcoin's price drop, regulatory concerns, and security breaches have contributed to this decline. Long liquidations are also rising, reflecting growing anxiety among investors.


Bybit Hack and Market Impact

The $1.4 billion Bybit hack on February 21 further impacted market sentiment. However, Bybit quickly replaced the stolen Ether, which may help restore some confidence.

Will Bitcoin Recover?

While Bitcoin is experiencing a temporary correction, market analysts remain cautiously optimistic about its potential to find a bottom in the $72,000 to $80,000 range. Despite the current low investor sentiment and ongoing security concerns in the crypto space, Bitcoin’s recovery could gain momentum once investor confidence improves. The coming weeks will be crucial in determining whether Bitcoin can establish firm support and begin its next phase of growth.

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