Has Bitcoin found its bottom? While fear is still high, there are signs of a rebound. (Reporting via bitcoinwallah)
In detail, Bitcoin's F&G reached the score of 8 on May 17, indicating"extreme fear," a first since March 2020.
"We see that buying fear has previously been a profitable strategy when measuring median and average returns of previous extreme fear periods," Arcane wrote while citing the four instances wherein Bitcoin's F&G had dropped to 8.Meanwhile, Ben Lilly, market researcher at Jarvis Labs,that Bitcoin's F&G index falling below ten signals the extreme possibility of the market bottoming out.
"Turns out the strategy where you hold it for less time produced greater results. Meaning the strategy where you sold after F&G rose above 35 produced better results than a reading of 50 and 80 ."On the flip side, Arcane highlighted that not all lower F&G scores have guaranteed bullish retracement moves in the past; some preceded continued selloffs. For instance, Bitcoin dropped nearly 11% on April 7, 2018, just sixty days after its F&G reached extreme fear levels.
As of May 25, the LTH-SOPR is 0.72, which could mean a potential forming bottom in the Bitcoin market because people will be reluctant to sell BTC at a loss.Nevertheless, the uplifting bottom indicators appear in contrast to a few other bearish signs elsewhere in the market, such as calls for
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