With the crypto market downturn continuing and digital assets continuing to dump, the bull market exuberance seems to have abruptly stopped.
The well-known market expert “Cold Blooded Shiller” said on X on April 16 to his 269,000 followers that Bitcoin is “still the cloud that hangs over crypto.”
Although Bitcoin has dropped 15% from its peak on March 14, previous market cycles have seen declines of above 30%.
The price of Bitcoin might drop to $51,000 as a result, which would further depress the value of the other altcoins.
Error May Get Worse
BTC prices fell from above $40,000 to $30,000 in less than a month due to a 25% correction that occurred early in the 2021 cycle. It also experienced a 53% decline later in the year, falling from $63,000 in April to $30,000 in July.
Therefore, a 30% retracement from $73,000 would return prices to the $50,000 threshold, which would not appear abnormal given past market trends.
According to market expert Willy Woo, on April 15, “we move to a bear market” if support at $58,900 is broken.
Long term, the markets are “still weeks away from a proper bullish environment,” he continued.
Bear markets are known to occur “when too many people buy too much coin, too high,” according to Glassnode expert “Checkmatey.” Despite this, he maintained a little more upbeat tone by noting that the market is not “top heavy.”
In addition, the overall sentiment indicates that it is far too early to declare a bear market, since the Bitcoin Fear and Greed Index is still in the green.
Altcoins Are Exploding
Many altcoins have almost completely erased six months’ worth of gains in the last few weeks, according to analyst Luke Martin. “A few are just 15–25% away from the bottom of a bear market cycle,” he continued.
April 2024, Cryptoniteuae
