The cryptocurrency market is experiencing a significant downturn today, with over $3 trillion vanishing from the global market cap. Bitcoin, Ethereum, and XRP are all witnessing substantial sell-offs. An analyst who accurately predicted Bitcoin’s decline from $115K to $90K is now suggesting that the next target could be $60,000.
Bitcoin Falls Sharply as Market Cap Drops 6.2%
Bitcoin is currently down 7.32% in the last 24 hours, trading at $85,566. Its market cap has decreased to $1.70 trillion, while the trading volume has surged over $96 billion, indicating heightened panic selling.
Ethereum has also dropped by 7.54%, now priced at $2,799, and XRP has fallen by 7%, trading at $1.97.
This significant correction is affecting all major altcoins, with BNB down 5% and Solana down by more than 7%.
The Analyst Who Predicted Bitcoin’s Fall From $125K
A market analyst known as DrProfit is once again gaining attention after accurately forecasting Bitcoin’s decline from $125,000 to the current range of $85,000. Prior to the correction, he had indicated that the bull market had peaked, with $90,000 as his initial major downside target.
Having now surpassed and fallen below that level, he warns that traders should not assume the crash has concluded.
Bitcoin Short-Term Price Analysis
Based on the daily chart, Bitcoin has entered oversold territory for the first time in nine months. Historically, this has resulted in short-term rebounds, although immediate reversals are not common. The last instance saw Bitcoin briefly recover before establishing new lows in the subsequent weeks.
Currently, $85,000 represents a significant support zone. A daily closure below this level could expose Bitcoin to a further decline towards the next major support range of $75,000 to $77,000. If this zone is breached, the journey towards the analyst’s $60,000 target may accelerate.
While short-term relief may occur as traders capitalize on short positions, analysts believe that unless Bitcoin reclaims the resistance region of $92,000 to $94,000, selling pressure will continue to dominate.
