According to data from the prominent crypto market tracker CoinMarketCap, the overall crypto market valuation saw a significant decline of 2.88% from its over $1.1 trillion value in the last 24 hours. In particular, the crypto market lost approximately $31 billion over the last day.
Before this substantial decline in the market, Bitcoin (BTC) broke its two-month high of $28,500. By implication, Bitcoin’s sudden ascent above $28,000 was short-lived, as it’s now back to around $27k.
While Bitcoin’s surge above $28k propelled other digital assets, improving their seven-day performance, its decline to $27,400 has equally caused a significant dent in their 24-hour performances.
Meanwhile, Bitcoin’s reversal to its previous passive trading zones, which impacted the overall market, did not come as a surprise to market analysts. Some crypto analysts have argued that Bitcoin is yet to hit the crucial price mark necessary to initiate a full-scale bull rally.
In a recent tweet, a well-known crypto trader stated that Bitcoin needs to revisit the $25k support zone for a third time and break even lower before any significant, sustained upward trajectory. Moreover, the analyst stated Bitcoin needs to touch the forecasted price before the halving event, which is expected in about 200 days.
#Bitcoin 1W update— CryptoBullet (@CryptoBullet1) October 3, 2023
So far so good 😌 pic.twitter.com/Lp3s6kufPT
Furthermore, the renowned pro-Bitcoin influencer Crypto Tony echoed a similar sentiment. Tony posted a Bitcoin market chart depicting a potential Bitcoin price trajectory. The chart indicated Bitcoin could break below the psychological $19,000 to $20,000 price mark to $12,000 between November and December this year. Ultimately, the chart suggested the trend reversal would commence from the $12k point before 2024.
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