Bitcoin's Price Plunge Triggers Extreme Fear in Market

Bitcoin's price has been on a downward trend, with a 7.5% drop against the US dollar and a 29.2% decline over the past 30 days. This has led to widespread bearish sentiment, with the Crypto Fear and Greed Index reaching an all-time low of 5 out of 100.

Despite this, analysts believe that Bitcoin is approaching deeply oversold territory, with several models indicating that the worst of the price decline may be over. Checkmate, a well-known analyst, argues that investors should ignore bearish sentiment and accumulate Bitcoin at these temporarily low prices.