Crypto fear returns as Bitcoin sheds $75K spike, market braces for volatility
Investor sentiment has swung back to “Extreme Fear” after Bitcoin gave up the brief rally that pushed it above $75,000 earlier this week. CoinGecko data shows BTC trading around $69,340 on Thursday, down roughly 3% over the past 24 hours after touching an intraday low below $69,000.
The mood shift is reflected in Alternative.me’s Crypto Fear & Greed Index, which moved from “Fear” into “Extreme Fear.” That gauge aggregates signals such as social media activity, trading volumes and volatility to quantify market sentiment.
Despite the pessimism, prediction-market traders are betting on a recovery. On Myriad — the prediction market run by Decrypt’s parent company — participants assign a 59% probability that CoinMarketCap’s Fear & Greed Index will climb from its current value of 28 to about 55 (a “Neutral” reading). By contrast, there’s a 41% chance markets slide further into “Extreme Fear” (a reading of 5).
The roller-coaster isn’t unprecedented. In February both major Fear & Greed measures were at or near all-time lows while Bitcoin traded below $63,000, and Google Trends showed searches for “Bitcoin going to zero” and “Is Bitcoin dead?” hit their highest points since 2022.
Some analysts warn lower prices may still be ahead. Standard Chartered has said Bitcoin could dip to $50,000 before reclaiming $100,000, and CryptoQuant’s analysis of past bear-market patterns points to an “ultimate bear market bottom” near $55,000.
Looking ahead, Myriad predictors are roughly split on the next big move for BTC: an upside target around $84,000 or a downside to $55,000. Notably, the market’s chance of the $84,000 outcome fell by over 10% in a single day, underscoring how quickly trader expectations can shift.
Bottom line: Bitcoin’s recent pullback has reset sentiment to fear, but prediction markets and analysts remain divided — leaving traders braced for continued volatility.
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