As per data from the prominent cryptocurrency market tracker CoinMarketCap, the total valuation of the cryptocurrency market has experienced a notable decline of 2.88% in the past 24 hours, retracting from its previous value of over $1.1 trillion. In specific terms, the cryptocurrency market has seen a decrease of approximately $31 billion over this one-day period.
Prior to this substantial market dip, Bitcoin (BTC) managed to surpass its highest point in the past two months, reaching $28,500. However, this ascent proved to be short-lived as Bitcoin has now retraced to approximately $27,000.
Bitcoin’s surge above the $28,000 mark briefly boosted other digital assets, positively impacting their performance over the course of the past week. Conversely, its decline to $27,400 has cast a shadow on the 24-hour performances of these cryptocurrencies.
Interestingly, the return of Bitcoin to its previous, less active trading ranges, which has had a ripple effect on the overall market, did not catch market analysts off guard. Some cryptocurrency experts argue that Bitcoin has not yet reached the critical price level necessary to trigger a full-scale bullish rally.
In a recent tweet, a well-known cryptocurrency trader expressed the view that Bitcoin must revisit the support zone at $25,000 for a third time and possibly drop even lower before a substantial and sustained upward trend can be expected. Additionally, this analyst emphasized the need for Bitcoin to reach the projected price level before the upcoming halving event, which is anticipated to occur in around 200 days.
The widely respected pro-Bitcoin influencer known as Crypto Tony shared a similar perspective. Crypto Tony shared a Bitcoin market chart that depicted a possible trajectory for Bitcoin’s price. According to the chart, there is a chance that Bitcoin could dip below the psychological price range of $19,000 to $20,000 and potentially reach as low as $12,000 between November and December of this year. Ultimately, the chart suggested that a reversal in the trend might commence from the $12,000 level before the year 2024 begins.