Bitcoin fell below $25,000 as bulls failed to keep the coin above critical support around these levels
Altcoins have already started a massive decline, which could delay the AltSeason indefinitely
The global cryptocurrency market cap has fallen by more than 4% and has shrunk to nearly $1.02 trillion, while trading volume has surged by more than 100%. In addition, Bitcoin's dominance continues to surge and has now risen to more than 47.5%. Therefore, with the BTC price falling sharply by more than 4% to below $25,000, altcoins are suffering from a long-term bearish trend.
Interestingly, Bitcoin is trading at the same price as the halving date. Before the second halving, it usually repeats the consolidation formation below the resistance level. Therefore, if the previous trend repeats, the BTC price is believed to move along the channel and eventually leave the channel after the fourth halving.
As shown in the above chart, BTC price seems to be at a support level similar to the level it traded in 2015. If a similar trend is repeated, the price seems to be at the foot of a massive explosion that could push the price to $100,000 after the fourth halving in April 2024. Therefore, the current consolidation could be a harbinger of an upcoming massive upswing. In addition, other factors could also contribute to the rise in Bitcoin price. According to some sources, BlackRock, the world's largest asset management company, is about to apply for a Bitcoin ETF. A Bitcoin ETF could spark the next bull run. However, it could burn another wave of new adopters as they cannot keep custody of their wealth on their own. Considering the current price action, Bitcoin (BTC) price could see a downward consolidation, which could further spark a massive bull run.
