Crypto Fear Index Hits Low as Standard Chartered Revises Bitcoin Price Target

Key Insights:

• Bitcoin price nears $65K support. Rising channel support may trigger a short-term relief rally.
• Extreme fear grips crypto; StanChart sees deeper near-term downside.
• Bitcoin downtrend persists; $65K could form a local bottom.

Market sentiment changed drastically this week. The Crypto Fear Index went to the Extreme Fear zone. Investors responded with increased institutional forecasts. Standard Chartered published a shocking revision of the Bitcoin price.

Source: X

The bank now envisages further downsides for the digital asset in the near term.

Extreme Fear Grips Markets Following Standard Chartered Bitcoin Price Target Update

The Crypto Fear Index is at a multi-month low. This fall follows a hawkish shift in global liquidity expectations. Standard Chartered analysts had established a bullish year-end view of $100,000. Nevertheless, their recent Standard Chartered Bitcoin price target indicates that they are likely to reach a low of $50,000.

Analysts attribute this change to several macroeconomic headwinds. Recalcitrant inflation figures have chilled prospects for an immediate rate reduction. Moreover, spot Bitcoin ETF inflows have declined.

This mix triggered a surge in liquidations on the major exchanges. These rising anxieties among institutional and retail traders are indicated by the Crypto Fear Index.

Geoffrey Kendrick, Standard Chartered’s head of digital assets, noted structural changes. He noted that the easy-money phase of the cycle has stalled. The bank, therefore, reduced its short-run price expectations. This revision for BTC price slowed the past bullish run.

Analyzing the Crypto Fear Index and Technical Support Near $65K

Technical indicators are now pointing to a critical point in Bitcoin. The asset is trading below the $65,000 support level. This area is a psychological barrier for many market actors. Any violation of this may exacerbate the decline.

Nevertheless, there is an optimistic side to the charts, according to some analysts. Bitcoin is now trading in a falling channel. This channel support typically precedes a temporary relief rally. In a case where buyers are defending $65,000, we may see a Bitcoin price bounce. This move would provide short-term relief for the Crypto Fear Index.

Market liquidity remains low, creating uncertainty. Order books exhibit large buy walls directly below the existing price. These levels are being monitored by professional traders. They are monitoring institutional accumulation indicators at the 65000 mark. An effective defense on this would nullify the more bearish Standard Chartered BTC target.

Bitcoin Price Downtrend Persists as $65K Forms Potential Local Bottom

The broader BTC price prediction suggests a persistent downtrend. This trend suggests the market is seller-controlled. The Crypto Fear Index supports the claim that bearish sentiment predominates in the narrative.

Even with the gloom, a local bottom could be at $65,000. Historically, “Extreme Fear” is often the moment of peak financial opportunity. The low Crypto Fear Index is a buy signal for contrarian investors. They anticipate a consolidation period prior to the second leg up.

As of the reporting date, Bitcoin price was $65,590, down 2.78% from the previous 24 hours. Recently, the cryptocurrency market has been in a downward trend, and BTC has experienced notable volatility.

Bitcoin Price Daily Chart | Source TradingView

The Relative Strength Index (RSI) sits at 30.62, well below the 50 mark, signaling weakening momentum and nearing oversold territory. Meanwhile, the MACD remains in negative territory with the MACD line below the signal line, reinforcing bearish pressure in the near term.

The post Crypto Fear Index Hits Low as Standard Chartered Revises Bitcoin Price Target appeared first on The Coin Republic.