The Bitcoin price is plummeting and taking the entire crypto market by storm. In the past 24 hours alone, the cryptocurrency has fallen nearly six percent and is trading at about $54,500 at the time of writing. Although the overall market capitalization fell 7.2 percent, some cryptocurrencies were hit particularly hard: compared to the previous day, Ether (ETH) fell 9.1 percent, Binance Coin (BNB) fell 11.3 percent and Cardano (ADA) fell a whopping 15.9 percent.

Fear currently reigns in the crypto market, as the Fear & Greed Index clearly shows. While Greed still prevailed among crypto investors in the first quarter, the sentiment gauge dropped to neutral levels as early as June. Today, the index hit a new annual low of just 29 points. The last time market sentiment was this pessimistic was in December 2022, when the FTX crash caused many investors to sell in a panic. Many crypto enthusiasts are worried as the combination of BKA sales and Mt.Gox payouts further depresses the Bitcoin price.

An entry-level opportunity for investors?

The Fear & Greed Index should not be viewed as an investment signal, because a single indicator cannot reflect the complexity of the crypto market. Still, history shows that periods when fear prevailed in the market were often good times for long-term investors to get in. In particular, Baron Nathan Rothschild is said to have commented on such opportunities 200 years ago: "You should buy when there is blood in the streets," advised the financier and speculator.

Those who keep their nerve during difficult market phases such as this are often rewarded for it. As an example, when the counter was also at 29 in December 2022, Bitcoin had reached the absolute lowest point of the cryptowinter. At times, the BTC price stood at just USD 16,000. The beginning of 2023 then showed a sharp rise.

Those who made a one-time purchase then can now look forward to a fiat return of more than 230 percent. And a monthly savings plan has also paid off. According to data from cryptodca, people who started saving BTC in December 2022 have now gained about 100 percent in value. While some investors are selling their crypto holdings, this could be a good opportunity to get in. Why not take advantage of the summersale on Bitcoin and other crypto currencies in 2024?