The Bitcoin ‘Fear Gauge’ just spiraled to its worst level since December 2018 – when the BTC price was a paltry $3,200. | Source: Shutterstock. Image Edited by CCN.
By CCN Markets: The Bitcoin Fear and Greed Index has crashed to its lowest level in almost a year. The index, which tracks sentiment among investors, hasn’t plumbed these lows since December 2018 when the king of crypto finally found yearly support just above $3,000.
The current reading of 11 out of a possible 100 registers as ‘Extreme Fear’ on the scale. However, a contrarian reading of that chart suggests that a buying opportunity may be just around the corner.
The Bitcoin market hasn’t been this paralyzed by fear since the BTC price was in the low $3,000s. | Source: Alternative.me
Bitcoin Fear & Greed Index Doesn’t Scare the Pros
Global macroeconomist and trader, Alex Krüger, clearly isn’t afraid of the current selling pressure. He was quick to point out that buyers would likely prop up the price in the $10,300 support zone.
Are you afraid?
I am not.
(Fear & Greed index currently at the Dec/2018 lows)
— Alex Krüger (@krugermacro) August 14, 2019
Responding to a follower’s tweet who questioned the timeliness of the index data, Krüger opined:
“I don’t like the index’s construction much, but it has been relatively accurate at pinpointing bottoms or nearabouts on the daily.”
CCN reached out to Krüger for further comment about his response. He informed us that while the index has some merit,