[Bitcoin Now] Decline Amid Recession Concerns and Safe-Haven Preference... "May Fall Below $20,000" Forecast

[Asia Economy Reporter Lee Myunghwan] As concerns over an economic recession persist, the price of Bitcoin, the representative cryptocurrency, is showing a downward trend.

According to the global cryptocurrency market tracking site CoinMarketCap, as of 11:10 AM on the 27th, the price of Bitcoin was recorded at $21,098 (approximately 27.08 million KRW), down 1.41% from the previous day.

Bitcoin prices are falling amid ongoing concerns about a global economic recession. However, contrary to predictions over the past weekend that it would fall below $20,000, it is trading in the $21,000 range. Joe DiPascal, CEO of BitBull Capital, explained, "Bitcoin prices were expected to show some volatility this week, but it is trading above $20,000."

However, due to inflation concerns caused by rising prices, investors' preference for safe assets is strengthening, leading to forecasts that Bitcoin prices will fall below $20,000. CEO DiPascal said, "It is a good sign that Bitcoin is still maintaining the $20,000 level, but next week will be more decisive," adding, "It could establish a support level between $17,000 and $18,000, but there is also a possibility of further price collapse."

Meanwhile, the Digital Asset Fear & Greed Index by Dunamu, which operates the domestic cryptocurrency exchange Upbit, recorded 30.43 on the day, indicating a 'Fear' stage. This is 6.39 points higher than 24.04 (Extreme Fear) a week ago. Dunamu's Digital Asset Fear & Greed Index is divided into stages of 'Extreme Fear (0?20)', 'Fear (20?40)', 'Neutral (40?60)', 'Greed (60?80)', and 'Extreme Greed (80?100)'. The greed direction indicates increased interest in buying by market participants, while moving toward fear indicates a fear of asset decline, causing market exits and a chain reaction of price drops.