Bitcoin Price Correction to $72K?

Bitcoin Price Risks Correction to $72K as Investor Sentiment Weakens

Bitcoin (BTC) recently hit a three-month low, falling over 28% from its January high. This decline, coupled with plummeting investor sentiment, raises concerns about a potential price correction to the $72,000 support level.

Iliya Kalchev, a dispatch analyst at Nexo, suggests Bitcoin may retrace to the "low $70,000s" as the market repositions. However, he believes a significant drop below $75,000 is unlikely, predicting support in the $72,000 to $80,000 range.

Other analysts share a similar outlook, forecasting a Bitcoin bottom near $70,000 before the next rally. Raoul Pal, CEO of Global Macro Investor, accurately predicted Bitcoin's January peak and now anticipates a correction to this level.

Crypto Investor Sentiment Drops to 2022 Lows

The Crypto Fear & Greed Index recently fell to 20, its lowest point since July 2022. This low investor confidence is impacting the market recovery. The index's decline is attributed to several factors, including a sharp Bitcoin price drop, regulatory uncertainties, security breaches, and declining altcoin valuations.

The market is also grappling with the aftermath of the $1.4 billion Bybit hack. While the exchange has since replaced the stolen funds, the event further eroded investor confidence.

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