$230 billion wiped out from the crypto market in the past 24 hours. Has BTC hit its higher low target already? The price of BTC is expected to rally or dip lower. Several reputed crypto analy
Several reputed crypto analysts clashed in heated debates and discussion as they watched $230 billion wiped out from the crypto market in the past 24 hours. Presently, the crypto community is divided into those still holding hope for a miraculous recovery and for bullish sentiments to return and those calling for a deeper drop marking the actual cycle bottom. Let’s take a closer look at both arguments.
According to CoinMarketCap analytics, the price of BTC almost reclaimed the $61,000 - $60,000 price range over the last 24 hours. In detail, the price of Bitcoin fell as low as the $62,056 price target before a short rally to the $65,000 price range and is currently trading in the $64,000 price range. This means that the price of BTC crashed by almost 7% and is now showing that it dropped by 3.7% after the short recovery.
https://twitter.com/WatcherGuru/status/2121730115457450209As we can see from the post above, the entire crypto market followed Bitcoin’s lead, leading to a falling cascade of crypto asset prices. To highlight, the price of ETH fell by almost 10%, while popular altcoins like BNB, XRP, and SOL fell by 9.36%, 10.92%, and 11.79%, respectively. However, the fact that Bitcoin turned green for a short time to reclaim the $65,000 price range, liquidating $130 million shorts shows that a greater recovery is also possible.
At the moment, reputed analysts are arguing over the initial call that BTC bottomed at $57,000 in August earlier this year. Some say that if that bottom was true, then it was the shortest time taken to form a bear market bottom and if the same cycle as the previous applied, then the formation of the bear market bottom will be expected to arrive at the start of December instead, causing for greater bearish sentiments.
https://twitter.com/CryptoPatel/status/2121521014324564245Still, bullish analysts debate this thesis. As we can see from the post above, this analyst says that BTC has perfectly retraced as predicted when its price was above the $85,000 price range. He says now he is watching for a potential higher low between $62,000 - $67,000, which seems to have played out already. Finally, the analyst concludes by stating that if this zone holds, then BTC could make its next ride above the $100,000 price range. However, he warns, a breakdown below $57,772 could open the door to $50,000 and even $40,000.
