ICYMI: the Crypto Fear & Greed index printed a score of 25, which indicates 'extreme fear' Bitcoin BTC $BTC
Market sentiment has seen a significant shift within just two weeks. In late March, the index flashed"greed" for the first time in four months after the flagship cryptocurrency reached a new 2022 high of $48,234.for the first time since March 16 amid worries that the U.S. Federal Reserve has adopted an even more aggressive monetary tightening policy to deal with high inflation.
There is a group of contrarian traders and investors who tend to buy fear, defying overall market sentiment. Legendary investor Warren Buffett once said that one should be greedy when others are fearful. However, the"buy low, sell high" mentality does not always work out as planned in crypto. Dip-buying can often backfire since traders may simply end up catching a falling knife.
No matter how low Bitcoin goes, one should keep in mind that it could always go lower in a"max pain" scenario. There have been several occasions when the index plunged below 10 after brutal selloffs.
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