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Crypto Market Sees $110 Billion Market Dump, Bitcoin (BTC) Price Dumps Brutally to Almost $90,000
The crypto market has just witnessed a staggering $110 billion market dump in the span of just 24 hours. This unprecedented event saw the price of Bitcoin (BTC) plummet dramatically, nearly hitting the unfathomable mark of $90,000.
As the dust settles on this tumultuous day, seasoned analysts are scrambling to make sense of the sudden and merciless sell-off that has left many investors reeling. The data, however, suggests a more nuanced picture than initially meets the eye.
While some may see this as a catastrophic event, others believe that this is merely a minor correction in an otherwise unstoppable bull market. It’s worth noting that Bitcoin Dominance has dipped below 70% for the first time in months, which could be seen as a sign of altcoins finally gaining traction.
Despite this brutal price action, reputable analysts remain steadfastly bullish on both Bitcoin and alternative cryptocurrencies. One prominent analyst, Doctor Profit, posits that new bullish leg-ups always start with a great deal of fear, leading many retail investors to panic sell their holdings. He further suggests that bear markets typically begin with euphoria, which is decidedly not the case here.
With this sudden downturn, it’s clear that investors are on high alert, and any significant market movement could be interpreted as a buying opportunity by those in the know.
