Credible Crypto, one of the leading analysts in the cryptocurrency world, evaluated the possibility of Bitcoin experiencing a 22% decline from its current price level. He warned that this potential decline could have serious negative effects on altcoins.
According to the charts shared by the analyst, it appears that the current price rally in Bitcoin may have ended and a significant withdrawal may occur. Currently, the price of Bitcoin is trading at $68,842 and the market volume has exceeded $1.359 trillion. However, transaction volume decreased by 27% to $24.449 billion.
Credible Crypto also examined what kind of reaction a correction in Bitcoin might cause in altcoins. While this decline may be temporary for some altcoins, it may be the beginning of a more permanent loss of value for others. The analyst also stated that investors who see this situation as a buying opportunity believe that Bitcoin can rise to $ 100,000.
Comments on Ethereum (ETH)
Making evaluations about Ethereum (ETH) after Bitcoin, the analyst stated that ETH showed a more obvious downward trend compared to Bitcoin. He stated that ETH may see new local lows and is currently performing poorly. At the time of writing, the price of Ethereum is at $ 3,309, indicating an increase of 2.21%.
Here are some key takeaways from the analyst's comments:
Be prepared for a possible 22% drop in Bitcoin.
Altcoins may be affected by BTC's decline; So review your portfolio.
Watch price movements in BTC and ETH carefully; Short-term buying opportunities may arise.
Long-term investors can consider Bitcoin's potential to rise to $100,000.
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