According to Patrick Heusser — head of trading at asset manager Crypto Finance — Bitcoin's BTC/USD fall below $30,000 is just the beginning of another major correction for the world's top cryptocurrency.
What Happened: According to Fortune, Heusser told the outlet that he is "expecting a strong dip towards $22.000" during a recent interview.
The report follows Bitcoin falling below the $30,000 level earlier this week, for the first time since June 22.
As of press time, Bitcoin is trading higher, at $32,277, nearly 40% down from its mid-April all-time high of almost $65,000.
This has brought on the timidly soaring bearish sentiment that recently saw competing with Bitcoin bulls as the options market saw increased demand for out-of-the-money or lower strike put options at $22,000 and $20,000.
Another indicator confirming the growingly bearish sentiment is the Crypto Fear & Greed Index sentiment tracker, which currently puts the cryptocurrency market in the “extreme fear” with a score of 19, where the max confidence score is 100.
Crypto Fear & Greed Index
Billionaire Fund Manager Jeffrey Gundlach seemingly shares Heusser's opinion, considering that he expects Bitcoin to fall below $23,000, according to reports published late last week.
With Bitcoin underperforming stocks with the S&P 500 up 15% year to date, while BTC is just 5% up over the same time period, investor interest in the asset is suffering as well.
This is confirmed by the coin's trading volume data, which apparently decreased to just 35% of its year-to-date average over the past week.
Read next: Nearly Half Of Goldman Sachs' 'Ultra-Rich' Clients Want Crypto In Their Portfolios
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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