Why is the Crypto Market Experiencing a Downturn?

There are two primary reasons behind the current drop in altcoin prices. While Bitcoin's price has decreased by 2.3%, many altcoins have seen substantial declines ranging from 20% to 35% within a few hours. This volatility stems from uncertainty surrounding Bitcoin's price, which is hovering near its all-time high. Traders anticipate a significant correction in Bitcoin's value, causing Bitcoin's dominance to increase as investors await opportune moments to enter the market. Consequently, trading volume in altcoins has decreased.

The second factor contributing to the market downturn is the significant outflow from Bitcoin ETFs. In the past 48 hours alone, over $750 million worth of Bitcoin has been withdrawn from these ETFs, amplifying bearish sentiments across the crypto market.

At the time of writing, Bitcoin's price is above $65,000. If Bitcoin undergoes a major correction, what do you anticipate will be the next target price for $BTC? Comment below.

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