- The crypto market sees a $110 billion market dump.Â
- The price of Bitcoin (BTC) almost hit $90,000.
- Silver-tongued analysts analyze the next market move.
A brutal day for the crypto market arrived today in an epic $110 billion market dump. In a time when a massive breakout was expected, the price of Bitcoin dropped to almost $90,000. Analysts were hoping for BTC to reclaim its 6-digit prices, instead, BTC retraced significantly, taking with it the prices of altcoins as well.Â
Brutal $110 Billion Market Dump Shakes Crypto
In detail, the crypto market saw a brutal $110 billion market dump. This amount was wiped out from the crypto market in just 24 hours. Specifically, Bitcoin (BTC) fell by 2.21% taking with it the entire altcoin market as well. Despite altcoins and Bitcoin bleeding out, seasoned analysts see this as a very small dip compared to the overall market and the continued bull market season.
More interestingly, the Crypto Fear & Greed Inted has dipped below 30% which long-term analysts see as the perfect sign for the crypto market to spring into bullish price pumps in the coming days. On the other hand, some analysts expected BTC Dominance to fall so altcoins could finally take the lead.Â
Analyst Psychologically Analyzes Next Move
Despite this expectation, reputed analysts remain bullish on Bitcoin and altcoins. As we can see from the post above, silver-tongued analyst, Doctor Profit, says that new bullish leg-ups always start with a lot of fear. This phase often leads retail holders to panic sell.Â
He concludes by saying that bear markets start with a lot of euphoria and the opposite is true for a bull market. In this time of fear, he asks, based on the current market moves what play is most likely to arrive next?
