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Bitcoin Achieves Historic High, But Then Retracts: Market Analysis

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by Giorgi Kostiuk

7 hours ago

This week, Bitcoin reached a new record but soon began to decline. Analysts provide insight into the current market situation.

Bitcoin's Historic High

Bitcoin (BTC) started the new week with a historical record, surpassing $120,000. According to Binance data, the price rose to $123,000 yesterday, setting a new high.

Decline in Altcoin Prices

After reaching the record high, Bitcoin's price began to decline, falling to $117,000. This decline also affected altcoins, with Ethereum (ETH) dropping below $3,000 again at $2,950. XRP fell 2.4%, Solana (SOL) decreased by 4.4%, and Dogecoin (DOGE) dropped by 6.6% in the last 24 hours.

Market Analysis and Forecasts

Analysis firm Alphractal commented on the recent declines, stating they are due to reduced buying pressure and selling from investors looking to take profits. CEO Joao Wedson expects a short-term correction, predicting the BTC price could drop to $108,000 before potentially rising to $143,000-$148,000.

Short-term outlook for BTC: $115,000 seems inevitable, but a drop to $108,000 is still on the table before a potential rally to $143,000-$146,000 if momentum picks up.CITE_W_A

The cryptocurrency market remains volatile, and the current correction may be a natural part of a longer process that requires careful observation from investors.

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