Crypto Market Crash: Bitcoin Eyes $80K Drop, Altcoins Face Heavy Pressure Amid Ethereum Whale Selloff
Highlights:
- Bitcoin (BTC) has dropped below its critical $100K support, with analysts forecasting a potential 25% decline.
- Ethereum (ETH) has fallen 9%, breaking below $3,550 support, while Solana (SOL) slipped under $200.
- Experts suggest the crypto market may bottom out around a Dollar Index (DXY) level of 110.
Amid a widespread crypto market downturn, Bitcoin’s price has plunged below $95,000, with potential for further declines. Analysts project a 25% correction from Bitcoin’s $108K all-time high, potentially targeting $80,000. Rekt Capital notes historical patterns of similar pullbacks and warns that a Bearish Engulfing Candle on the weekly chart indicates further risk.
Bitcoin’s key support zone lies between $98,830 and $95,830, where 1.09 million wallets collectively hold over 1.16 million BTC. However, Bitcoin’s open interest has dropped by 8%, and 24-hour liquidations reached $327 million, signaling intensified selling pressure.
Altcoins Under Heavy Selling Pressure:
- Ethereum (ETH): ETH dropped 9%, losing $3,550 support, and may retest $3,000. Whale selloffs have surged, with large holders liquidating ETH to settle debts.
- Solana (SOL): SOL fell below $200 and may test the $165-$170 range, identified as a critical level by analysts.
- Dogecoin (DOGE): DOGE experienced a sharp 25% drop to $0.27, extending weekly losses. Analysts remain cautiously optimistic about recovery if key price levels are reclaimed.
Despite the downturn, market experts suggest optimism for a recovery once global liquidity stabilizes, with Bitcoin potentially finding its bottom in early 2025 as the Dollar Index hits key levels. Altcoins like ETH, SOL, and DOGE may also see a resurgence if critical resistance levels are overcome.
