Bitcoin traded between $29,000 and $32,000 this week, and although it managed to stay above the $30,000 level for the majority of the week, it was a very volatile week.
The price could not stay above the $32,000 resistance level and the world’s largest cryptocurrency came under new selling pressure as bears fell below the important $28,600 support level.
Bitcoin is now trading at $27,481 and has lost more than five percent in the last 24 hours.
The cryptocurrency market capitalization has dropped below $1.1 trillion, nearly a year low, as the market has experienced yet another slump in the last 24 hours, which has affected the altcoins in particular.
With a daily decrease of 9 percent, Ethereum is leading this bearish trend as the value of the world’s second-largest cryptocurrency has dropped to $1,467.
BNB, Cardano, Ripple, Solana, Dogecoin, Polkadot, Avalanche, Shiba Inu, and other cryptocurrencies have all experienced double-digit price drops.
Big Drop Coming Ahead?
A well-followed market analyst predicts a big drop in the value of Bitcoin (BTC) and altcoins, which he claims may push the total worth of all crypto assets below $1 trillion.
“It doesn’t get much cleaner than this. Today’s breakdown from TOTAL opens up the $1 trillion psychological level. The actual objective is $950 billion to be exact.”
The TOTAL chart, which shows the market capitalization of all cryptocurrencies, is in the midst of a breakdown from a bearish continuation pattern, according to Justin Bennett’s 101,000 Twitter followers. The $1 trillion price level, according to the crypto expert, is a critical support level for the whole digital asset markets.
Bennett believes cryptocurrencies will bear the brunt of the correction if the TOTAL chart follows his script. The bottom line, according to him, is that another 15% drop in the entire crypto market is likely before we can start talking about the possibility of recovery.