Bitcoin Bears See More Peril After $300 Billion Crypto Selloff

It all adds up to a spectacular reversal of sentiment from early October, when Bitcoin rallied to a record on the back of frenzied buying on margin. Michael Novogratz’s Galaxy Digital on Wednesday cut its year-end Bitcoin price target to $120,000 from $185,000, citing the “significant leverage wipeout.” A month after Bitcoin hit an all-time high of $126,251, below are some signals informing the bearish sentiment in crypto.