Bitcoin Extends Losing Streak, Predictions Suggest Ongoing Drawdown

Bitcoin's (BTC) performance has been under scrutiny lately, with the asset experiencing a net loss for three consecutive months at the start of a new year.

This marks the first time since 2018 that BTC has been in the red for six months. Historically, such a streak would typically precede a long bear market. However, some analysts suggest that BTC may be oversold and due for a rebound.

Despite the current price of $66,784.54, which is within the range seen last week, traders remain extremely fearful, with the crypto fear and greed index signaling extreme fear for an entire month.