The past 24 hours have been brutal for the cryptocurrency market, Bitcoin and many other altcoins. As we previously reported, Bitcoin Cash led the negativity in the latest crypto news, followed by Stellar and other assets which all managed to drop by more than 10%.
However, Bitcoin was also vulnerable in this carnage. The most dominant cryptocurrency managed to drop 5% and contribute to the $6 billion loss on the market, experiencing the steepest decline in the month.
According to some analysts, the price of Bitcoin could drop to a new 12-month low following the short-term drop in the valuation of the crypto market. Since early January, we have seen the market and its desperate struggles to show a high level of volatility on the upside.
Despite the fact that Bitcoin (BTC) maintained its stability in a tight range between the $3,500 and $4,000 numbers from January 11th until January 27th (for 16 straight days), the price showed that BTC is still in a bearish market.
According to Josh Rager who is a prominent cryptocurrency trader and analyst:
“BTC continues to look weak. Eventually, alternative cryptocurrencies succumb to Bitcoin. If Bitcoin breaks and closes sub $3,445 area it will retest the 2018 lows If not, BTC continues its sideways action similar to the pre-capitulation at $6,000.”
Another popular analyst named Alex Kruger stated:
“For someone to accumulate, someone else has to distribute. It is a zero sum game. Accumulation per se is neither bullish nor bearish. With the current trading volumes, I’d bet on exchanges and miners currently ‘accumulating’. Eventually they will likely start dumping again.”
In the short-term, traders expect major crypto assets to perform poorly against both Bitcoin and the US dollar.
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