As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and corrections. The recent sell-off in the crypto market, spearheaded by Bitcoin’s (BTC) more than 7% slump, has left many investors feeling jittery.
Bitcoin (BTC) is spearheading a significant market sell-off, causing a drop in the total market capitalization by over 7%, currently valued at approximately $2.14 trillion. April marked Bitcoin’s poorest performance since October 2023. Nevertheless, renowned market analyst Michael van de Poppe remains hopeful that this correction for Bitcoin has come to an end.
Bitcoin strained to limit
Currently, Bitcoin is being traded for approximately $56,949.15. This represents a 8.68% decrease in value over the past 24 hours. As per the analysis of experts, Bitcoin has experienced a 20% decline from its previous peak, and there is potential for further price drops.
As a market analyst, I’ve taken note that a potential rebound is on the horizon after the recent drop in Bitcoin’s price. However, should there be a further decline, the important range to keep an eye on would be around $56,000 to $58,000 for potential closes. The cryptocurrency hit its lowest point since at least late February at $56,555.
As a market analyst, I share the positive outlook held by my peers regarding Bitcoin’s potential for a significant recovery. Although I didn’t specify an exact price point, I do foresee a possible reversal trend in the near future.
As a market analyst, I believe that Bitcoin has reached the final stages of its correction. It’s currently down approximately 20% from its all-time highs and is expected to experience further declines. If this correction persists, it will be crucial to keep an eye on the support levels around $56,000 to $58,000.
— Michaël van de Poppe (@CryptoMichNL) May 1, 2024
Altcoins favored
The cryptocurrency market has shown a harsh attitude towards Bitcoin, but the selling pressure is evident among altcoins as well. For instance, Ethereum (ETH) experienced a decline of up to 8.95%, reaching $2,886, due in part to ongoing controversies within the EigenLayer protocol that negatively impact investor sentiment.
The SEC in the US might classify the coin as an investment contract. Such a determination could negatively impact Ethereum’s prospects for obtaining approval for a spot ETF, thereby weakening investor enthusiasm for the coin.
In summary, Solana (SOL), Binance Coin (BNB), and XRP experienced significant declines, with each dropping over 7% in value. According to Michael van de Poppe’s analysis, it is anticipated that altcoins will bounce back before Bitcoin regains upward momentum.
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2024-05-01 13:33