Another Crypto Market Dip Strikes, What Are the Factors and When Will the Bottom Print Before Bullish Upturn?

Crypto Market Roller Coaster: Another Steep Dip Shakes the Industry

The cryptocurrency market has witnessed another significant downturn, with Bitcoin's price plunging below $60,000. Many analysts anticipate a bullish reversal once this correction runs its course.

Causes of the Market Plunge

Despite the surge in liquidations totaling $313 million, with most losses from long orders, analysts speculate on the reasons behind the market's sudden drop. Possible triggers include a healthy market correction or the fallout from the arrest of Telegram's CEO, Pavel Durov.

Crypto Analyst Predictions

Renowned crypto analyst Doctor Profit previously advised followers to invest when BTC reached $61,750. However, the price continued to decline. While Profit's prediction of the dip's bottom proved inaccurate, another analyst, Rafaela Rigo, made a more precise forecast.

Predicted Low Points

Rigo employs technical analysis for her predictions. She speculates that the current bull market's peak was at $73,000. Based on bearish technical indicators, she foresees a further decline, with BTC potentially falling between $44,000 and $38,000. She anticipates new lows by 2025.

Other Factors Influencing the Dip

Some analysts attribute the dip to uncertainties surrounding Durov's arrest and large cash outflows from US Spot Bitcoin and Ether ETFs. However, most analysts remain optimistic, predicting a recovery after the US Presidential Elections and the potential for new all-time highs.