Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » Altcoin Market Faces Potential 30-40% Crash if Bitcoin Falls Below $60K This Week

Altcoin Market Faces Potential 30-40% Crash if Bitcoin Falls Below $60K This Week

Hania by Hania
June 24, 2024
in Altcoin News, Crypto Price Predictions
Reading Time: 2 mins read
A A
0
Crypto Market Outlook: Analyzing September 2024's Potential Market Shifts
Share on FacebookShare on Twitter
ADVERTISEMENT

The cryptocurrency market experienced a significant dip, with the total market cap dropping by 3% to approximately $2.4 trillion during early Asian trading on Monday. Bitcoin’s (BTC) recent downward trend over the weekend has led to a bearish market sentiment.

Closing last week at approximately $63,000, Bitcoin is teetering on a critical support/resistance level, raising concerns of further declines. Over the past 24 hours, Bitcoin’s price has fallen about 2.3%, trading at roughly $62,800 on Monday.

Should Bitcoin consistently close below $63,000 in the upcoming days, it is likely to test the support level just above $60,000.

What’s Next for the Altcoin Market?

According to the prominent crypto analyst known as Ash Crypto, the altcoin market may experience a period of consolidation lasting 6-9 months before the anticipated mega altseason begins. The analyst suggests that the altcoin sector could face a 15-20% drop if Bitcoin maintains its bearish trend.

You May AlsoLike

Election-Themed Meme Coins Experience Price Surge Ahead of U.S. Presidential Vote

Election-Themed Meme Coins Experience Price Surge Ahead of U.S. Presidential Vote

November 4, 2024
$BC token launch

$BC Token Launch and 1 Billion $BC Airdrop: A New Era for BC.Game

November 1, 2024

“ALT Mcap has fallen below the mega bull trend line. A minor bounce may occur if BTC rises, but it appears the altcoin market will undergo a final capitulation phase, with altcoins potentially dropping another 20% before the next major season,” Ash Crypto noted.

Altcoin Market Faces Potential 30-40% Crash if Bitcoin Falls Below $60K This Week

Shifting Market Focus: Ethereum on the Rise

In light of recent outflows from U.S.-based spot Bitcoin ETFs, attention is shifting towards the Ethereum network. On-chain data from Santiment revealed that Ethereum recently saw its largest increase in active addresses in three months, reaching over 617,000 addresses last week.

The upcoming listing of newly approved spot Ether ETFs in the U.S. has fueled midterm bullish speculation. Earlier this year, the approval and subsequent listing of spot BTC ETFs led to a bullish surge, pushing prices towards an all-time high (ATH).

Notably, BlackRock and Fidelity have already seeded their respective spot Ether ETFs in anticipation of their listing next month.

Also Read: Standard Chartered Becomes First Bank to Launch Spot Bitcoin, Ethereum Trading

Potential Impact on the Crypto Market

The possible further decline in Bitcoin’s price could significantly impact the broader cryptocurrency market, particularly altcoins. Market analysts and investors are closely watching Bitcoin’s movements, as its price trajectory often influences the entire crypto ecosystem.

As the crypto market navigates these uncertain times, the potential listing of spot Ether ETFs offers a beacon of hope. However, the road ahead remains rocky, with market participants bracing for possible further declines before any significant recovery.

Tags: CryptocurrenciesMARKET CRASH
Share76Tweet47
ADVERTISEMENT
Previous Post

Trump Gains a Crypto Ally: Ark Invest’s Cathie Wood Backs His Bid

Next Post

HashKey Group Prepares for HSK Token Airdrop and Public Listing

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Election-Themed Meme Coins Experience Price Surge Ahead of U.S. Presidential Vote
Altcoin News

Election-Themed Meme Coins Experience Price Surge Ahead of U.S. Presidential Vote

November 4, 2024
$BC token launch
Altcoin News

$BC Token Launch and 1 Billion $BC Airdrop: A New Era for BC.Game

November 1, 2024
Why Chris Larsen's XRP Donation to Kamala Harris Matters
Altcoin News

Ripple Co-Founder Chris Larsen Backs Kamala Harris with $10M XRP Donation

October 23, 2024
Ripple Custody Growth
Altcoin News

Ripple Custody Unveils New Features to Boost Growth

October 10, 2024
Ethereum ICO Whale Offloads 19,000 ETH Worth $47M
Altcoin News

Ethereum ICO Whale Offloads 19,000 ETH Worth $47M Amid Market Uncertainty

October 4, 2024
Ripple secures approval for Dubai expansion
Altcoin News

Ripple Secures Approval For Dubai Expansion

October 3, 2024
Next Post
HashKey Group Prepares for HSK Token Airdrop and Public Listing

HashKey Group Prepares for HSK Token Airdrop and Public Listing

Discussion about this post

Live Prices

You have not selected any currency to display

Stay Connected

You May Also Like

  • Bitcoin Halving Update: Bitwise CEO's $100k Price Projection Sparks Excitement

    Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    239 shares
    Share 96 Tweet 60
  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    197 shares
    Share 79 Tweet 49
  • March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

    196 shares
    Share 78 Tweet 49
  • OKB Price Prediction 2023 – 2030: Will OKB reach $200?

    201 shares
    Share 80 Tweet 50
  • November’s Bitcoin Price Forecast: A Bullish Odyssey

    196 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.