Bitcoin trade price is continuously increasing in the absence of zero positive news and giving a hint that a bull run is coming but at the same time current situation is showing that a big correction is waiting for Bitcoin.
Bitcoin is a top-ranked crypto asset by market cap and the current trade price of this decentralised asset is $27,902 & this trade price is 6.30% higher over the last 30 days of trade price.
Within the last 30 days, Bitcoin hit a $25k trade price (lowest) and the highest was $28,500. In short, Bitcoin showed a net 13.5% increase this month without any help from positive news.
On 5 Oct 2023, The CEO and co-founder of CryptoQuant, Ki Young Ju, shared his opinion on the latest CryptoQuant analysis and said that Bitcoin whales are still in risk mode on the derivative exchanges, in short Bitcoin may show some big ups/downs.
The current situation of the crypto market is showing a picture where profit-to-risk ratio is big because of the sudden conflict between Palestinian militants and Israel.
Following 4 decades of conflict between Hamas (a type of terrorist organisation) and Israel, the Hamas organisation suddenly declared war on this Saturday against Israel.
With the help of rocket attacks, Hamas killed nearly 200 Israeli citizens & nearly a thousand people were injured badly.
Some crypto proponents expect that it is going to be very bad news for the cryptocurrencies because in the past Hamas organisation used cryptocurrencies to accept payments from its different networks & organisations to conduct illegal activities.
It is possible that shortly, the majority of the countries will declare negative comments against the cryptocurrencies and that will further create a panic among the crypto investors and that will further bring a big correction in the trade price of all flagship crypto assets.
Bitcoin Fear & Greed Index
The current Bitcoin fear & greed index is 50 and this index is showing that the market is not currently standing at a level where people are not expecting more increment in the trade prices, which means the market may soon face big corrections.