The cryptocurrency market is witnessing a dump of $110 billion.
The price of Bitcoin (BTC) nearly reached $90,000.
Silver-tongued analysts are analyzing the next market move.
It was a brutal day for the cryptocurrency market as it experienced a market drop of $110 billion. At a time when a massive breakout was expected, the price of Bitcoin dropped to nearly $90,000. Analysts hoped that Bitcoin would reclaim its six-figure prices, but instead, Bitcoin significantly retraced, leading to a drop in altcoin prices as well.
The brutal market dump of $110 billion shakes the crypto space.
In detail, the cryptocurrency market witnessed a bankruptcy of $110 billion. This amount was wiped from the cryptocurrency market in just 24 hours. Specifically, Bitcoin (BTC) dropped by 2.21%, causing the entire altcoin market to be affected. Despite the bleeding of altcoins and Bitcoin, experienced analysts see this as a very slight decline compared to the overall market and the ongoing bullish market season.
The most interesting thing is that the Fear and Greed Index for cryptocurrencies has dropped below 30%, which analysts consider a perfect signal for the long-term cryptocurrency market to start pumping upward prices in the coming days. On the other hand, some analysts predict that Bitcoin's dominance will decrease, allowing altcoins to finally take the lead.
An analyst psychologically analyzes the next move.
Despite this expectation, prominent analysts remain optimistic about Bitcoin and altcoins. As we can see from the above participation, the silver-tongued analyst, Dr. Rabeh, states that new highs always begin with a lot of fear. This phase often leads to a scenario of panic selling by fragmented investors.
He concludes by saying that bear markets often start with a lot of euphoria, and the opposite is true for bull markets. At this time of fear, he asks, based on current market movements, what is the most likely game to reach next?
