The whole market is bleeding. BTC crash. What direction will prices go?

In the past few weeks, Bitcoin (BTC) has been experiencing a bullish trend, with the price reaching a six-month high on March 19, 2024. The market as a whole has also seen an increase in value, with the total market capitalization rising above $1.1 trillion.

One of the factors contributing to this price action is the adoption of the Ordinals protocol, which has caused an influx of users to the Bitcoin network. Additionally, the recent interest rate hike by the U.S. Federal Reserve has given traders more leeway to invest in high-growth assets like cryptocurrencies.

However, there are still some concerns in the market, such as inflation and systemic risk from within the crypto industry. Some analysts have pointed out that institutional investors have been taking out more money from the ecosystem than they have been putting in, suggesting a generally bearish sentiment.

The overall market sentiment for Bitcoin has reached levels last seen on "Black Thursday" in 2020, according to data from the on-chain analytics tool Sentiment. This could suggest that prices may see a bottom at current levels and appreciate in the coming weeks.

In conclusion, the recent price action of BTC and the overall market has been driven by a combination of factors, including the adoption of the Ordinals protocol, interest rate hikes, and market sentiment. While there are some concerns in the market and recent price correction, the bullish trend for Bitcoin and the crypto market as a whole is still intact