Bitcoin experiences price drop below $24,000 as selling pressure persists. However, analysts are optimistic that the leading cryptocurrency will hit the $40,000 mark before any significant correction occurs.
Crypto analyst Van De Poppe predicts that Bitcoin still has a higher probability of running towards $35,000 – $40,000 before experiencing a correction that could push its price towards $25,000 – $20,000.
Bitcoin has faced rejection at the $25,000 mark for the third time and needs to flip the $25,200 resistance to support to sustain its upward rally.
Over the past few days, Investors King has described Bitcoin has been highly volatile, reaching and surpassing $25,000 before plummeting just as quickly to under $23,500.
The recent drop in Bitcoin’s price coincides with the crash on Wall Street, where the three prominent US stock market indexes closed in the red. The total crypto market cap has dropped by roughly $50 billion to below $1.1 trillion, according to CoinMarketCap.
Despite Bitcoin’s unsuccessful attempts to trade above $25,000, data suggest a continued buying-the-dip pattern, which could potentially open the door to $28,000.
However, altcoins have suffered even more on a daily scale, with coins such as MATIC, OKB, SOL, and others experiencing a drop of around 7%. BTC’s market capitalization has decreased to $465 billion, while its dominance over altcoins has slightly increased to 42.6%.