The U.S. Federal Reserve (Fed) will announce its latest interest rate decision in the early morning of tomorrow (2nd). However, as economic data has rekindled concerns about inflation, the cryptocurrency market has already fallen into disbelief. Bitcoin suddenly showed a "cliff-like decline" at midday. , breaking $58,000. Some analysts believe that the short-term market situation does not look promising, and in the worst-case scenario, Bitcoin could fall to $47,000.
According to CoinGecko market data, Bitcoin was trading at $57,071.45 at writing, a drop of 7.7% in the past 24 hours.
Bitcoin's weak market triggered a chain effect, causing many alternative coins to fall into violent corrections. Ethereum fell 6.4% to US$2,866; Binance Coin (BNB) fell 6.7% to US$548; Solana (SOL) fell 7.2% to US$121.67; Ripple (XRP) fell 2.5% to $0.4886; Dogecoin (DOGE), Toncoin (TON), and Shiba Inu Coin (SHIB) all fell by more than 10%.
Cryptocurrency analyst Michael van de Poppe speculates that Bitcoin has fallen 20% from its all-time high, but there may be further room to fall, and is expected to fall to the range of $56,000 to $58,000.
Senior trader Peter Brand takes a more pessimistic view of Bitcoin’s future. He said that Bitcoin prices have peaked and a descending triangle appears to have formed on the chart, indicating that Bitcoin will continue to fall until the trend is broken. He predicts that Bitcoin will fall to $47,000 to $49,000 before the bull market returns.
What time frame would this be a "market top" for, if you still are bullish on bitcoin's log exponential growth (see image below)? pic.twitter.com/mnqyRn2U6F
— Colin Talks Crypto (@ColinTCrypto) April 30, 2024
〈Bitcoin suddenly appears “cliff-like decline”! Analysis: There is still room for downside, and it may fall to $47,000> This article was first published on "Blocker".
