- Market sentiment has returned to Bitcoin fear.
- BTC remains above the channel’s average threshold.
The cryptocurrency market remains highly sensitive to global events, especially Bitcoin [BTC]with sentiment constantly swinging back and forth between fear and greed.
Recently, geopolitical disruptions, especially in the Middle East, have caused fear among investors, pushing BTC sentiment back into the fear zone.
When Bitcoin enters this fear zone, it historically represents an opportunity for investors to “buy the fear” and sell during periods of greed. As we approach the last quarter of the year, many are wondering: is now the time to buy Bitcoin?
Source: Hyblock Capital
As September came to an end, Bitcoin had reached the $66,000 price point, shifting sentiment to a neutral stance. However, recent geopolitical tensions between Israel and Iran have reversed this progress, pushing Bitcoin back into the fear zone.
Despite this, the broader crypto market, including Bitcoin, remains above key support levels, prompting some to believe it may be time to buy BTC in anticipation of further gains in the coming months.
Insights into the bid-ask ratio
Analyzing the bid-ask ratio helps determine whether buyers or sellers dominate the market. Recent data shows that spot bids are exceeding demand, indicating that traders have been accumulating Bitcoin during the market pullback.
This pullback, largely driven by geopolitical tensions, appears to have reached a temporary bottom around the $60,000 level.
Source: Hyblock Capital
Bitcoin remained stable at this point and fought against the selling pressure. With BTC starting to reclaim major moving averages, this could be a sign that now is the right time to buy.
BTC remains above the trend channel equilibrium
Bitcoin’s price has shown strength despite resistance. After a brief rise above $66,000, it faced rejection but continues to trade at crucial levels.
BTC has been moving within a trend channel for over seven months and has now found support near the average threshold. If Bitcoin manages to break and hold levels above the upper trendline, it could be poised to hit new all-time highs.
However, if this key resistance is not broken, BTC could continue to rise for the rest of the year.
Source: TradingView
Long-term holder MVRV Z-Score
A key metric that has proven effective in predicting Bitcoin market cycles is the Long-Term Holder MVRV Z-Score. This indicator shows whether Bitcoin is overvalued or undervalued, and provides insight into potential bottoms and peaks.
Read Bitcoin’s [BTC] Price forecast 2024–2025
Currently, the Z-Score suggests that BTC has significant room for upside, reinforcing the idea that now could be the right time to buy, especially as market sentiment leans toward fear.
Source: Bitcoin Magazine PRO
With fear gripping the market, this could be the perfect opportunity to accumulate Bitcoin. The metrics, price action, and bid-ask ratio all point to potential upside, making this an ideal time for investors to consider buying BTC before prices rise.