Bitcoin Sentiment Reaches Extreme Fear Amidst Historic Price Decline

Bitcoin's price decline has sent shockwaves through the crypto market, with many traders expressing extreme fear about the asset's future prospects. The Crypto Fear and Greed Index, which measures investor sentiment, plummeted to a record low of 5 out of 100 on Tuesday, signaling widespread bearishness.

Despite the dire outlook, some analysts argue that bitcoin is actually oversold and due for a rebound. According to Checkmate, founder of checkonchain.com, multiple models indicate that the worst of the price decline is likely over, and that traders should be accumulating bitcoin at these temporarily low prices.