The price of Bitcoin has dipped below $117,000 following the opening of US markets, causing investor concern. This decline has not led to significant losses for altcoins, yet predicting further trends remains a complex task.
Bitcoin's Downward Trend
According to reports, the price of Bitcoin has fallen below $117,000 after the opening of US markets. This decline raises concerns, though it has not resulted in significant losses for altcoins. Amid Trump’s repeated calls for interest rate cuts, some Bitcoins released back in 2011 have been sold. Over half of the 80,000 BTC have been sold through Galaxy Digital, leading to a significant market impact with an influx of $10 billion.
Status of XRP and Ethereum
Crypto analyst Mister Crypto expresses optimism regarding Bitcoin despite the recent pullback. He highlights the cup-and-handle pattern and suggests the target may reach $148,000 with closes above $110,000. As for Ethereum, analyst DaanCrypto reports that ETH is moving in the upper half of its massive cyclical range, highlighting key levels of $2,800 and $4,000. He believes other levels should be viewed as mere noise.
Overall Market Forecast
At the conclusion of the article, BTC briefly dipped below $116,000 but has since stabilized. With upcoming statements from Fed members awaited, they could exert critical influence on BTC and altcoins. Notably, Rover shared the XRP Coin chart indicating that a breakout has already occurred, signaling the start of a new bull run with hopes for double-digit prices.
Despite current challenges, market participants remain cautiously optimistic. Key events and statements from the Federal Reserve in the coming days may significantly impact the further development of the cryptocurrency sector.
