Key Takeaways
- Bitcoin dropped 10% within 24 hours, while altcoins dropped twice as much over 20%, creating panic.
- Over $1B liquidated following Bitcoin’s healthy retracement, giving many opportunities to load up ahead of 2025.
- Top crypto analysts believe Bitcoin’s retracement is healthy following its rally from $68,000 to $107,000.
The price of Bitcoin tumbled from a high of $107,000 with what looked like the price of BTC was en route to $120k as the price was overpowered by bears, leading to the price of Bitcoin dropping from its high of $107,000 to a region of $95,800 as this retracement by BTC turned into carnage for altcoins.
Bitcoin’s drop from its all-time high is just a 10% retracement, as many crypto analysts maintain a positive disposition. This is a healthy price retracement for a further price rally to the upside, but altcoins have suffered quite a hit in the past few days, with over $1B liquidated in the crypto market.
LTC, SOL, ONDO, DOGE, and SUI have all suffered over 20% drop in the last 24hrs as Coin360 shows the current state of the market in the past few days.
Cryptocurrency Market Outlook
Source – Cryptocurrency Market State From Coin360
The current state of the cryptocurrency market remains in disbelief as the price of Bitcoin dropped by over 10%; Coin360 shows the pictorial view of what the crypto market looks like as investors and traders panic about buying into their favorite altcoin now is the best decision.
While this cryptocurrency market retracement has long been overdue, many investors and crypto analysts see this as an opportunity to load up some great altcoins that have shown incredible momentum in the past few weeks of altcoin rallies.
Why Is Bitcoin Crashing Down Today?
Source – BTC Price Chart From TradingView
After a significant price drop to $95,800, we could see BTC trying to keep its price from breaking lower to $94,000. Bears could take advantage of the much lower region, while bulls protect the BTC price above its 200-day EMA (Exponential Moving Average), which acts as a support for BTC.
In the coming day, we could see a minor price bounce for Bitcoin towards a high of $102,000. This could lead to a wide price range ahead of the Christmas holidays, with little volume expected across the market. However, volume could resume much later in 2025, with the financial market fully open and the holidays over.
Will Crypto Go Back Up In 2025?
The cryptocurrency market is expected to return fully in 2025, with more buying and selling volume following the current market retracement and the imminent holiday around the corner.
While this Bitcoin crash shocked many, it also gives other traders and investors the opportunity to buy their favorite tokens or memecoins with great prospects of doing 10X in the next crypto cycle.
