The excitement surrounding the bull market in cryptocurrencies seems to have suddenly ended, as the correction persists and digital assets continue to decrease in value.
On April 16, well-known market expert “Cold Blooded Shiller” shared with his 269,000 X platform followers that Bitcoin remains a looming threat to the crypto market.
Bitcoin has pulled back by 15% from its record high on March 14th. However, past market trends indicate that such declines can exceed 30%.
A significant drop in BTC‘s price to approximately $51,000 may lead to a more severe downturn for other cryptocurrencies as well.
This is still the cloud that hangs over crypto imo, and it’s $BTC.
1. There is a lot more strength present currently. Whatever factors you align this to, ETF, fundamentals, halving, it’s notable that BTC is holding up.
2. There’s an acknowledgement that this is happening, and…
— Cold Blooded Shiller (@ColdBloodShill) April 15, 2024
Correction Could Deepen
In the beginning of 2021, Bitcoin experienced a significant decrease of approximately 25%, causing its price to plummet from over $40,000 to around $30,000 within a month. Later that year, there was another major drop of roughly 53%, which brought the price down from nearly $63,000 in April to just above $30,000 in July.
In simpler terms, if the price of a certain asset falls 30% from its current level of $73,000, it would drop down to around $50,000. This isn’t an unusual move in light of past market fluctuations.
On April 15, market analyst Willy Woo warned that should the price of the market dip below $58,900, we would be entering a bear market.
Markets are “still weeks away from a proper bullish environment,” in the long term, he added.
An analyst from Glassnode named “Checkmatey” pointed out that bear markets begin when an excessive number of people purchase large amounts of cryptocurrency at inflated prices. Nevertheless, he expressed some optimism as the market doesn’t seem overly saturated or top-heavy at present.
Additionally, the Bitcoin Fear and Greed Index stays in the green area, implying that the current market sentiment is not yet indicating a bear market.
Bitcoin Fear and Greed Index is 65 ~ Greed
Current price: $63,419— Bitcoin Fear and Greed Index (@BitcoinFear) April 16, 2024
Altcoins Bleeding
According to analyst Luke Martin’s assessment, several altcoins have lost almost all of their gains from the past six months within a few short weeks. He further mentioned that some of these coins are just around 15-20% from hitting their lowest points during the previous bear market.
During the same period, Rekt Capital noted that a retracement before a Bitcoin halving event has occurred historically, and this trend continues to hold true for the current cycle.
#BTC
There always is a Pre-Halving Retrace and this has been the case across all Bitcoin cycles
This time is no different$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) April 15, 2024
At the time of this writing, Bitcoin prices were decreasing by 2.8%, or $1,765, and were priced at $63,354. The overall market experienced a drop of 3%, causing the total capitalization to decrease to $2.41 trillion. Altcoins took a harder hit within this market decline.
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2024-04-16 09:04