Bitcoin is losing blood: What does the crypto market expect?

Question

Bitcoin, which fell after Fed Chairman Jerome Powell's press conference, led to a significant amount of money outflow from the crypto market.

Despite the Fed's interest rate cut, Bitcoin (BTC) price dropped to $98,500 due to Powell's hawkish remarks. The nearly 6% decline in BTC led to many altcoins retreating to potential support levels.

According to Coinglass data, following the sudden loss, 750 million dollars were wiped out of the crypto market. Primarily, long (upward) positions were liquidated.

Cryptocurrency analyst Michael van de Poppe expressed that the rise of BTC may have come to an end.

The rise of Bitcoin may come to an end: What are the analysts saying?

Addressing his followers through X, Poppe claimed that BTC could drop to $92,000. According to the analyst, although BTC is entering a consolidation phase, it has created a potential downward deviation.

It might be that this run on $BTC is over and we'll consolidate.

There's a potential bearish divergence, which could become effective.

In that sense, we know what's next –> fun times on #Altcoins. pic.twitter.com/gwZKRyCMYS

— Michaël van de Poppe (@CryptoMichNL) December 19, 2024

Poppe, who stated that the declines do not cause anxiety, expressed that the next stage is to accumulate altcoins at favorable levels.

Rekt Capital stated that the bounce from BTC's $98,500 support is not sufficient. According to Rekt, as long as BTC price cannot hold above $100,000, the declines will continue.

“Losing 100 thousand dollars can create significant selling pressure that pushes the market down.”

Mikybull Crypto, who addressed his followers in the morning hours, gave the signal of the altcoin bull. The analyst predicted that the last corrections before the altcoin bull had occurred and that big rises would begin soon.

Mikybull used the following expressions:

"It would be good to prepare for the upcoming altcoin season. It's going to be very big!"

According to CoinGecko data, the total value of the cryptocurrency market decreased by 4.9% in the last 24 hours, reaching $3.688 billion. While BTC dominance increased to 55%, ETH dominance decreased to 12%.

This article does not contain investment advice or recommendation. Every investment and trading operation involves risk and readers should conduct their own research when making decisions.