The crypto market is in deep red today, with more than $3 trillion wiped from the global market capitalization. Bitcoin, Ethereum and
Bitcoin falls sharply as its market capitalization falls by 6.2%
Bitcoin is down 7.32% in the last 24 hours and is trading at $85,566. The market capitalization has fallen to $1.70 trillion, while trading volume has risen above $96 billion, indicating intense panic selling.
Ethereum is down 7.54%, now at $2,799, and XRP is down 7%, trading at $1.97.
This deep correction is spreading across all major altcoins, with BNB down 5% and Solana down over 7%.
The analyst who mentioned Bitcoin’s drop from $125,000
A market analyst, DrProfit, is gaining attention again after accurately predicting Bitcoin’s drop from $125,000 to its current range of $85,000. Weeks before the correction began, he declared that the bull market had peaked and that $90,000 was his first major downside target.
Now that Bitcoin has reached that level and broken below it, he says traders are mistaken if they think the crash is over.
Short term Bitcoin price analysis
On the daily chart, Bitcoin has now entered oversold territory for the first time in nine months. Historically, this has led to short-term recoveries, but not immediate reversals. The last time this happened, Bitcoin briefly recovered before hitting new lows in the weeks that followed.
Currently, $85,000 is a key support zone. A daily close below this level would put Bitcoin at risk of falling to the next major support between $75,000 and $77,000. Breaking that zone could accelerate the path toward the analyst’s target of $60,000.
Short-term relief is possible as traders take profits on short positions. But unless Bitcoin reclaims the $92,000 to $94,000 resistance area, analysts believe selling pressure will dominate.
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