#cryptonews
Bitcoin recently soared to an all-time high of $99,655 in its latest rally, but the momentum appears to have stalled, with major cryptocurrencies experiencing significant declines.
From Bitcoin (BTC) and Ethereum (ETH) to Solana (SOL), Dogecoin (DOGE), Ripple’s XRP, Binance Coin (BNB), Cardano (ADA), and Stellar (XLM), most digital assets have pulled back sharply—some by as much as 17.9% within the last 24 hours.
The leading cryptocurrency, Bitcoin, has lost 5.61% overnight and is now trading at $92,451.97.
The global crypto market capitalization highlights the current turmoil, having dropped a staggering 8.2% in the past day. It’s now rapidly approaching the $3 trillion mark.
According to the analyst, Bitcoin needed to firmly surpass the $100,000 level to avoid a deeper decline. With that failing to materialize, the risk of further correction grows.
A leading crypto strategist warns that Bitcoin’s pullback to $90,000 isn’t promising for its short-term price outlook.
He noted that a regulated market is needed to monitor these assets for fraud and manipulation.
“If Bitcoin had pulled back from $120,000, a drop to $90,000 would have been manageable. But the recent retreat to $92,410 changes the dynamics, putting Bitcoin in a precarious position,” the analyst said.
This suggests that even if Bitcoin crashes to $80,000, it’s more likely to recover than signal the start of a new bear market. For long-term investors, this could present an attractive buying opportunity before Bitcoin potentially heads towards six- or seven-figure prices.
Currently trading at $93,116, a drop to $80,000 would mark a 14.09% decline. However, such corrections are common in bull markets, with pullbacks of up to 30% being typical.