• Bitcoin drops 5% below $69K as the crypto market experiences a downturn.

  • Solana-based meme coins like Dogwifhat, BONK, and BOME suffer over 15% losses.

  • Analysts, including Capo Of Crypto and Michaël van de Poppe, view the dip as a healthy correction with the potential for a strong rebound.

A broad sell-off swept through cryptocurrency markets as of press time, wiping out recent gains for many digital assets. Bitcoin, the world’s leading cryptocurrency, fell below the key psychological barrier of $71,000, reaching a daily low of $68,507. This represents a roughly 5% decline from its intraday peak of $71,918.

Altcoins, particularly volatile meme coins, suffered even steeper losses. Solana-based meme coin Dogwifhat (WIF), for example, plummeted over 15%. Other prominent Solana meme tokens like BONK and BOME experienced similar declines within the same 24-hour window.

However, some analysts remain optimistic. Pseudonymous crypto influencer Capo Of Crypto, in a recent post, downplayed concerns about the dip. He highlighted the intense selling pressure pushing prices towards support zones.

While acknowledging the heavier losses in altcoins, he interprets this as a potential market shakeout. If support levels hold, Capo Of Crypto suggests the market could resume its bullish trajectory soon.

#crypto market updateStrong sell-off into support. Alts suffered more, but it looks like a shakeout tbh.If these support levels hold, we should see bullish continuation soon. pic.twitter.com/EdHT7a1J7n

— il Capo Of Crypto (@CryptoCapo_) June 7, 2024

His analysis also acknowledges potential downside risks, with Bitcoin possibly testing the $65,000 level. Despite this, Capo Of Crypto maintains a bullish outlook, projecting Bitcoin to reach new all-time highs between $74,000 and $76,000 soon. This optimistic forecast implies a near 9.2% rebound for Bitcoin.

Other analysts, like Michaël van de Poppe, echo this bullish sentiment. They view the recent dip as a healthy correction and anticipate a more substantial rebound in the near future.

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