As the total market capitalization of all cryptocurrencies has yet to pick up speed after falling as low as 2% last night, there is a continued negative downturn in the market. With its price currently trading at $27,650.23 on top of a 0.92% decline, Bitcoin (BTC), the market leader in this niche, is pushing the current sell-offs to all-time highs.
The present performance of Bitcoin is evidence of how unpredictable the market can be. On the hourly discussion, the currency is expected to make a little comeback despite the dominant bear activity. Ali Charts, a renowned market analyst, predicts that the price of Bitcoin may decline by another 5%.
https://x.com/ali_charts/status/1711527713444339944?s=20
His argument is supported by the fact that Bitcoin’s two-hour chart shows a collapse from a symmetrical triangle. The expert predicts the top digital currency may see a 5% correction in the near future, which may drive the price to $26,200, as illustrated in the above graphic. The pessimistic nature of this prognosis suggests that the current decline may eventually persist.
While Bitcoin is presently feeling the full force of the market upheaval, other altcoins are falling considerably more quickly, reestablishing the coin’s supremacy over the 50% threshold.
Pushing Bitcoin sentiment
Despite the fact that technical indicators are typically pessimistic regarding the probable price spike of Bitcoin, the fundamentals of the asset support current HODLers’ mid- to long-term positive outlook.
The possibility of a Bitcoin spot Exchange Traded Fund (ETF) product continues to be one of the most encouraging possibilities for generating fresh cash for the coin. The imminent Bitcoin halving event has also been touted by the CEO of Binance as a significant indicator that BTC could soon retest several highs.
In spite of the current sell-off, many people still think that bitcoin is the ideal asset to invest in for long-term returns since it is an industry mainstay.
