Incoming downturns? Market players reveal what to expect from Bitcoin in the near future ⋆ ZyCrypto
   
Bitcoin has not shown any clear signs of a near-term breakout as the market has been hit by low volatility lately, with price movements not looking very encouraging to market analysts.
After a brief surge that saw the first-born crypto rally to $23k this week, the asset looks set to see a sharp descent into the $18k zone as we approach the end of the month. Some key analysts have wavered in their views.
Analyst believes BTC bottom will be unexpected
With BTC technical indicators suggesting bearish trends in the short-term zone, market sentiments have not been on the bright side for the asset class, nor for any other digital asset in the space. With most looking for a bottom soon, a notable crypto market analyst has noted that BTC is likely to bottom when investors least expect it.
“Bitcoin market cycle bottoms almost never occur when everyone agrees,” said Kevin Svenson, “and are unlikely to happen when everyone gets their preferred price. Bitcoin always surprises us.” He mentioned that his guess would be in the “middle” of what market participants expect.
On the other hand, internationally renowned analyst Justin Bennett has made some clear remarks about what to expect from BTC. Bennett highlighted a bearish pattern for BTC that could see the asset drop to as low as $8,500 in the near term.
   
Now, while Bennett admits that his trendline is not very significant, given past results, the analyst pointed out that BTC is in “uncharted territory” in this current bear market, as shares appear to have fallen deeply also due in large part to macroeconomic conditions . These are unprecedented situations, and Bennett admits that a surprise downturn could be upon us.
With a value of 18, Crypto FGI does not indicate a very favorable outlook
In addition, the Crypto Fear and Greed Index has a value of 33, indicating “fear”. Market sentiment as assessed by FGI has remained in the extreme fear zone for a few months now due to the uncertainty and anxiety the current Crypto Winter has pumped into the market.
While an FGI value of 18 does not indicate a very favorable outlook for the Crypto market, it is important to note that the FGI was at a low of 8 in mid-June when crypto markets felt their coldest. The improvement follows the short rallies that were able to muster at the beginning of this month.
The Coinbase Premium Index indicates buying pressure on US institutional investors and has been relatively weak recently, with a value of -0.07. In addition, the Fund Market Premium has a value of -29, which shows that investors in BTC funds and trusts have weak buying sentiments. As of press time, BTC is trading at $22,648, down 2.44% in the last 24 hours.
