Bitcoin Decline Triggers Market-Wide Correction: What Lies Ahead for Crypto?
Bitcoin's price experienced a significant drop following Federal Reserve Chairman Jerome Powell's recent press conference, where hawkish statements overshadowed the Fed's interest rate cuts. The decline in Bitcoin ($BTC) to $98,500—a nearly 6% loss—sparked substantial capital outflows from the cryptocurrency market. According to Coinglass data, approximately $750 million was wiped from the market, with long (bullish) positions primarily liquidated.
Crypto analyst Michael van de Poppe suggested that Bitcoin's upward momentum may have ended. Addressing his followers on X (formerly Twitter), van de Poppe projected a potential decline to $92,000, citing the emergence of a bearish divergence despite BTC entering a consolidation phase. The analyst emphasized that the corrections are not a cause for concern and presented an opportunity to accumulate altcoins at favorable levels.
Similarly, crypto strategist Rekt Capital commented on Bitcoin's price action, noting that its bounce from the $98,500 support level was insufficient. Rekt Capital warned that unless BTC reclaims the critical $100,000 level, further declines could occur, possibly triggering heightened selling pressure across the market.
In contrast, analyst Mikybull Crypto expressed optimism for altcoins, hinting at an imminent altcoin bull market. "You better get ready for the upcoming altcoin season. It will be huge!" the analyst stated, suggesting that the current corrections might mark the final stage before a significant rally in altcoins begins.
As per CoinGecko data, the total cryptocurrency market capitalization has declined by 4.9% in the last 24 hours, settling at $3.688 billion. Meanwhile, Bitcoin's dominance has risen to 55%, while Ethereum's ($ETH) dominance has dropped to 12%.
This correction signals a period of uncertainty for the crypto market, with Bitcoin's price movements continuing to exert substantial influence over altcoin trends and overall market sentiment.
