The market continues to be bearish as the total cryptocurrency market capitalization has yet to regain its pace after falling 2% overnight. Bitcoin (BTC), the clear market leader of the sector, is dragging the current sell-off to new heights, with its price falling 0.92% to $27,650.23.
The current performance of Bitcoin proves the instability of the market. Despite the dominance of bearish action, the coin is making a mild recovery in the hourly chat. However, top market analyst Ali Charts predicts that the Bitcoin price may fall by another 5%.
His thesis is based on Bitcoin recording a breakdown of a symmetrical triangle on the two-hour chart. As shown in the shared chart, the analyst believes that the major digital currency could see a 5% correction in the short term that could push the price to $26,200. The prediction is pessimistic, suggesting that the decline currently being experienced could eventually continue. While Bitcoin is currently bearing the brunt of the market shock, other altcoins are falling much faster, helping to restore the coin's dominance above the 50% benchmark. Driving Bitcoin Sentiment While technical indicators are generally not bullish, the fundamentals surrounding the asset provide a medium- to long-term bullish case for current holders based on Bitcoin's potential price surge.
Expectations for a Bitcoin spot exchange-traded fund (ETF) product remain one of the most promising factors that could spur new capital inflows into the currency. The upcoming Bitcoin halving event was also cited by Binance CEO as a major validation for Bitcoin’s recent retest of multiple highs. Bitcoin remains a mainstay of the industry, and many believe that it remains the best asset to earn long-term gains despite the ongoing sell-off.
