After rising beyond $1.13 trillion, the global market cap again slashed hard and is heading towards the threshold of $1 trillion. The trading volume also slumped pretty hard by more than 7% indicating the bull is currently relaxing after pushing the prices during the previous trading day. Presently, the Bitcoin (BTC) price is hovering around $23,800, with a notable drop of 2.27% but with a slight rise in the volume.
The BTC price, which is trading sideways, possesses the possibility of sustaining its strength and, at the same time, a minor probability of dropping to $22,000. In such cases, the altcoins in the market may come under an extreme bearish influence and slash hard. A popular analyst says that they may even drop by more than 30%.
“Could see a flush down to the 21ks if this current 23k low breaks and that’ll send alts down 30-50% from current levels IMO. Happy to buy some of the strong ones at that time and rebalance any active trading positions. Going to cut some of them in the following days,”
Furthermore, the possibility of a bullish reversal looms over the BTC price rally, with analyst Micheal van de Poppe expecting a bounce back to $25,000 until the price remains above $22,000.
“ The markets are still having a regular correction inside an uptrend.
As long as Bitcoin remains above $22K, this would be sufficient to expect continuation towards $25K+,”