The cryptocurrency market is really in its bad shape right now. Just like a friend said last time, the crypto market is not the perfect place to be right now. In the past 24 hours, Crypto market valuation has dropped from $123 billion to $107 billion. That’s to say, the crypto market lost about $16 billion of its valuation overnight.
And in the process, for the first time in 19 months, Ethereum price has fallen to around $80 region. While Bitcoin cash fell to $94, although as at the time of writing this article, the price is now fluctuating between $99 and $103.
Bitcoin on the other hand, is facing its Waterloo this minute and resurrection the next minute. According to technical analyst DonAlt, he said bitcoin could drop to $2,900 and could become a possibility if the dominant cryptocurrency fails to sustain any momentum in the high $3,000 region.
“Closed below support, not looking too pretty. BTC needs to reclaim supports quickly otherwise. I expect it to go for the previous lows. If those don’t hold I’m looking at $2,900. There are no supports left on the daily, hope for a fakeout or SFP at the lows,” DonAlt said.
Tom Lee, the fundstrat co-founder commenting on the crypto bear market, preaches patience as the quality one need to succeed. Further commenting on the bitcoin bloodbath, Tom compared the current price action to the ups and downs of the stock market and explained why he believes now may be a good time to buy.