The entire crypto market painted in red with the majority of assets witness a drastic plunge in the past couple of hours
The continued drop in the price points out towards big price movement shortly regardless of the direction.
At the current structure, the significant assets like Bitcoin and Ethereum will be on prime focus as most crypto-asset tend to follow
A minor Correction or a Bear Market?
The most dominant crypto Bitcoin’s price in the recent past was on the verge to break the target at $50K, yet failed and dropped notably. Moreover, the entire crypto market is bleeding with large margins. The popular DeFi token YFI price which rallied massively above $52K levels also broke down below $40K within a couple of time.
However, some believe the crypto market is expected to take a big turn may be incoming in the next couple of days. One of the popular analysts, Michael van de Poppe has predicted that the crypto market is on the edge of a major move. But currently, the direction of the price movement cannot be determined.
Bitcoin Price Breaking Down Yet not Crashed!
The bitcoin price which had a spectacular rally in the past week had a trembled condition in the past day, shedding nearly 8% of the price. At present BTC price is attempting very hard to maintain above the strong support lie, else a major bearish divergence may haunt the crypto space.
Considering the other part, the major players or the big institutions may jump in to quickly take the advantage of the dip. As said by one of the popular analyst, Lark Davis, Grayscale may get a better chance to acquire more at the dips.
However, at the time of writing, Bitcoin price and Ethereum price seems to have managed the trembled situation. Bitcoin standing strong above $47K at $47300 and Ethereum above $1700 at $1740 indicates that the current bearish trend is short-lived and may rebound at any moment.