A recent analysis by an expert indicates a potential drop in Bitcoin's price, which could have negative implications for the broader cryptocurrency market.
Bitcoin Market Challenges
According to the latest analysis, if Bitcoin falls below $108,000, it would confirm a bearish signal. A correction could then occur down to the $60,000–$70,000 range, which is viewed as the next significant support zone.
Altcoin Market at Risk
The analyst noted that such a decline in Bitcoin could spark capitulation across the broader market, with altcoins potentially losing between 50% to 80% of their value. The expert has maintained a cautious outlook even as Bitcoin has set new records in recent months.
Current Bitcoin Situation
At the time of publication, Bitcoin trades near $114,800, still holding above the critical level flagged by the analyst. The cryptocurrency hit a fresh all-time high of $124,450 just over a week ago but has since pulled back by more than 7%.
Should Bitcoin confirm a drop below the $108,000 mark, it could lead to serious consequences for the cryptocurrency market, including sharp declines in altcoin prices.
