Bitcoin recently soared to an all-time high of $99,655 in its latest rally, but the momentum appears to have stalled, with major cryptocurrencies experiencing significant declines.
From Bitcoin (BTC) and Ethereum (ETH) to Solana (SOL), Dogecoin (DOGE), Ripple’s XRP, Binance Coin (BNB), Cardano (ADA), and Stellar (XLM), most digital assets have pulled back sharply—some by as much as 17.9% within the last 24 hours.
The drop has sparked concerns: Is this a temporary correction or the start of a bear market?
A top analyst has warned of a potential drop in Bitcoin’s price to $80,000. But the real question is—what happens next?
The State of the Crypto Market
The global crypto market capitalization highlights the current turmoil, having dropped a staggering 8.2% in the past day. It’s now rapidly approaching the $3 trillion mark.
The leading cryptocurrency, Bitcoin, has lost 5.61% overnight and is now trading at $93,232.05.
Ethereum (ETH) also couldn’t sustain its recent upward momentum. After gaining 8.39% in the past week, ETH has shed 1.03% in the last 24 hours.
Altcoin bloodbath:
Solana (SOL): Down 8.59%, trading at $232.49. Binance Coin (BNB): Lost 5.71% in a single day. Ripple’s XRP: Pulled back 8.17% despite recent positive news. Dogecoin (DOGE): Disappointed investors with a near 10% drop. Cardano (ADA): The biggest loser among the top 10 by market cap, plunging 11.77% to $0.93, falling below the critical $1 threshold. Sandbox (SAND): Among the top 100, SAND suffered the steepest drop, down 17.9%.One notable exception is the presale phenomenon Crypto All Stars (STARS), which continues to thrive, crossing $6 million in its ongoing token sale.
While the broader market faces headwinds, STARS is emerging as one of the most active presale coins.
Check Out Crypto All-Stars HereAnalyst’s Take: Bitcoin’s Future at Risk?
A leading crypto strategist warns that Bitcoin’s pullback to $90,000 isn’t promising for its short-term price outlook.
According to the analyst, Bitcoin needed to firmly surpass the $100,000 level to avoid a deeper decline. With that failing to materialize, the risk of further correction grows.
“If Bitcoin had pulled back from $120,000, a drop to $90,000 would have been manageable. But the recent retreat to $92,410 changes the dynamics, putting Bitcoin in a precarious position,” the analyst said.
He further suggested that the critical $90,000 support level might only act as a temporary barrier before Bitcoin plunges into the low $80,000 range.
Is This a Bear Market or a Buying Opportunity?
Currently trading at $93,116, a drop to $80,000 would mark a 14.09% decline. However, such corrections are common in bull markets, with pullbacks of up to 30% being typical.
This suggests that even if Bitcoin crashes to $80,000, it’s more likely to recover than signal the start of a new bear market.
For long-term investors, this could present an attractive buying opportunity before Bitcoin potentially heads towards six- or seven-figure prices.
While the short-term outlook remains uncertain, many analysts believe the long-term prospects for Bitcoin and the broader crypto market are still robust.
In a recent note, QCP Capital also claimed that the recent drop “isn’t an excessive pullback.”
“Bitcoin is merely retracing to levels seen early last week. The market had become extremely overbought since the election with excessive leverage, making a pause inevitable,” the firm wrote.
The post Bitcoin Forecast: Down 5.61% – End Of The Pump? Top Analyst Predicts Crash to $80,000, But What’s Next? appeared first on Cryptonews.
