The Latest in the Crypto Market: What Are Analysts Saying?
The cryptocurrency market has experienced significant volatility in recent days, culminating in a substantial decline over the past 24 hours. The total market capitalization has decreased by approximately 2.2%, falling to 2.45 trillion dollars. This decline has caused noticeable drops in the prices of many cryptocurrencies, particularly Bitcoin (BTC). Bitcoin’s price fell below 65,000 dollars, triggering a downward trend in the market.
Market analysts attribute the recent downturn primarily to substantial cash outflows from US-based spot Bitcoin ETFs. These outflows have shaken investors’ confidence in the market, increasing selling pressure and negatively impacting overall market sentiment.
Although Bitcoin’s price recently reached the 72,000 dollar level, it encountered resistance, which has strengthened the possibility of a double-top formation similar to the peak levels seen in 2021. Renowned trader Peter Brandt suggested that Bitcoin’s price chart against the dollar shows similarities to the price movements experienced after the gold market crisis in 2009. He posits that this could be significant for future price actions. According to Brandt, Bitcoin’s pullback to the 60,000 dollar level might serve as a preliminary stage before establishing a more robust upward trend.
On the other hand, the altcoin market is also following similar downward trends. An analyst from Bitcoinsensus predicts that altcoins might undergo a correction phase in the near future, followed by a resurgence in the last quarter of this year. This expectation could provide long-term optimism after short-term declines in the market. You can see the similarity analysts draw between the two bull periods below:
Overall, the cryptocurrency market is going through a period of uncertainty. The price fluctuations are prompting both investors and market analysts to remain cautious against unexpected developments. The future trajectory of the market appears to be influenced by global economic factors, as well as regulations and technological innovations.
Meanwhile, the crypto market is anticipating the listing of approved spot Ether ETFs in the US, in addition to a final settlement agreement between the US SEC and Ripple.
Stay tuned for new updates.
The crypto market is really performing as it actually ought to and this is really great to see. I am still sure that even though there might be some massive red right now the market will still recover