With the sell-off continuing across the crypto market, Bitcoin slipped to the lows of $25,000 from Friday’s $30,000 over the weekend. Strong volatility ensued over the last 24-hours, and trading volume fell by 19.22%. But BTC continues to have a stronghold, with a dominance of 47.82%.
Rising inflation continues to batter the global crypto sector. Justin Bennett, a leading crypto market analyst, said there would be a significant pullback, wherein the world’s most popular cryptocurrency and altcoins will lose a significant chunk of their value. He highlighted that Bitcoin is in the midst of a breakdown from a bearish continuation pattern. The analyst argued that $1 trillion is the area that offers a crucial support level for the entire crypto market. It was also the most heavily traded level during the early 2021 consolidation.
As for the altcoins, Bennett says another 15% lower from the entire crypto market is likely before the potential for relief. He believes Bitcoins will be the closest to that -15% mark, and altcoins with lower caps will surpass it by 1.5 – 2x. Moreover, the expert predicted a 15% correction in Bitcoin price. Bennett says the digital currency will see a fresh yearly low of $23,500. And altcoins could lose 22.5% – 30% of their value.
At the time of writing this article, Bitcoin was trading at $25,247. It has lost, as per data from CoinMarketCap, 8.35% in the last 24-hours. BTC lost nearly 19% of its value in the last week. Ethereum has also touched new lows of $1,333. Its down by nearly 9% in the last 24-hours, and lost 28.74% in the last week. The altcoins are deep in the red. Avalanche is the biggest loser, down by 15.14% in the last 24-hours. Solana lost 11.36% of its value and Cardano nearly 11%.
