The cryptocurrency market is in search of the minimum price for Bitcoin, and the rate of the first cryptocurrency may drop to $93,000–95,000 in the coming weeks, suggested experts from Bitfinex Alpha.
According to analysts, altcoins are also not showing significant price growth. Ethereum fell by 14% after a brief update of its historical maximum, while XRP, Cardano, and Dogecoin suffered double-digit losses.
"The drop of Bitcoin below $110,000 with a correction of more than 13% from its historical maximum can be considered an important technical signal. The current realisation price for short-term holders at $108,900 is now a key level. Sustained trading below this value may increase pressure on the market," reported experts from Bitfinex Alpha.
Cryptocurrency buyers have become more cautious in searching for stronger fundamental catalysts. The cryptocurrency market is responding ambiguously to statistics from the US. In July, American consumer spending increased by 0.5% — the fastest pace in four months. Job creation slowed to 35,000 per month. This shifts market expectations towards a reduction in the Federal Reserve's (Fed) rate in September, analysts from Bitfinex Alpha stated. In their opinion, a resurgence of the rally for the first cryptocurrency, as well as for major altcoins, should only be expected in October, and achieving new historical maximums is unlikely. Earlier, the founder of the payment service Strike, CEO of Twenty One Capital Jack Mallers, suggested that over time, the market capitalization of Bitcoin could reach $500 trillion.
