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Bitcoin Price To Crash 30% Amidst Bearish Crypto Market

Mustafa Mulla 2024.04.02 19:45
Story Highlights
  • Martinez suggests a 30% Bitcoin correction could signal bullishness amid market downturn.

  • Crypto Rover highlights BTC's symmetrical triangle pattern, signaling potential upcoming volatility.

  • BTC drops to $66,000, ETH below $3,400, with other major altcoins facing dips.

Today, the cryptocurrency market took a bearish turn as major digital assets faced notable price drops. Meanwhile, crypto analyst Ali Martinez recently shared a thought-provoking perspective on Bitcoin’s price movements amidst a broader downturn in the crypto market. Martinez suggests that a 30% price correction could potentially serve as a highly bullish indicator for Bitcoin.

Analyst See 30% Correction 

Martinez’s tweet comes at a time when the top cryptocurrencies, including Bitcoin and Ethereum, are experiencing significant declines. Bitcoin (BTC), the leading cryptocurrency, saw its price plummet to the $66,000 level, marking a significant downturn. Similarly, Ethereum (ETH) experienced a slump, slipping below the crucial $3,400 mark.

Bitcoin’s price plummeted to the $66,000 level, while Ethereum slipped below $3,400. Other prominent altcoins such as Solana (SOL), XRP, and Cardano (ADA) also witnessed notable dips in their prices, adding to the overall bearish sentiment prevailing in the market.

In the tweet, Martinez states, “A 30% price correction is the most bullish thing that could happen to Bitcoin!”

Upcoming Price Strom In BTC 

On the other hand, another renowned crypto trader Crypto Rover highlights the emergence of a symmetrical triangle pattern on the daily chart. In the tweet, Crypto Rover suggests that the current calm in the market may be indicative of an impending storm of price movement.

The symmetrical triangle pattern seen in Bitcoin’s chart, shared by Crypto Rover, suggests a period of consolidation with converging trendlines. This often precedes significant price breakouts, indicating imminent volatility.

Bitcoin Price Movement 

As of now, Bitcoin is priced at $66,107, marking a 4.7% decrease in the last 24 hours. Despite this decline, there has been a significant increase in trading volume, soaring by 69.2% to reach $42.5 billion.

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