Bitcoin Price Crash
• Bitcoin took the majority of the market down with it after succumbing to bearish trends.
• Investors expect more downtrend, with a median price expectation of $21,084 by the end of March.
• The Crypto Fear & Greed Index is currently neutral, but sentiment could turn negative quickly if prices continue to drop.
Expectations for March
The crypto market is still reeling from Bitcoin’s price drop on Saturday that sent the digital asset and most other cryptos into a tailspin. Coinmarketcap’s Price Estimates tool collected votes from community members regarding where they see the price of Bitcoin going forward, giving out a median and an average expected price. For the month of March, expectations are incredibly bearish as investors expect another 5% loss by the end of it – which would mean that bitcoin would have to lose another $1,200 from its value.
Long-term Outlook
Community members also maintained their bearish outlook for BTC over the next couple of months. With each month, expectations for the digital asset fall lower – with up to 17% losses expected in the next three months leading up to May’s end. At this point in time, more than 4,400 voters put the price of BTC at a low $18,521.
Investor Sentiment
According to Crypto Fear & Greed Index investor sentiment towards bitcoin is currently neutral but could shift quickly if prices continue to drop. Neutral sentiment such as this one is quite easy to influence either side so there is a chance that sentiment will become fearful very quickly should bitcoin prices continue declining further.
Conclusion
Overall, it appears that investors are expecting Bitcoin prices to continue declining in both short-term and long-term outlooks with some expecting up to 17% losses for BTC by May’s end if current trends hold true. Investor sentiment towards bitcoin remains neutral but can easily turn negative should prices decline further prompting investors to become fearful about investing in crypto markets once again.