The crypto market saw a significant pullback today, with the total market capitalization dropping 8.65% to $1.53 trillion over the last 24 hours according to CoinMarketCap. Bitcoin fell around 3% to trade near $42,500, while Ethereum was down 4% to around $2,280. Major altcoins like Cardano, Avalanche, and Solana all saw losses of 5% or more.
Despite no major negative news catalysts, this move lower seems to be part of a broader correction after the crypto market’s strong start to the year. The relative strength index (RSI) for the total crypto market cap on the daily chart has now fallen to 42, indicating the market is now in oversold territory after its recent rally.
From a technical perspective, the total crypto market cap also broke back below the rising channel pattern it had been trading within over the last eight days, which suggests further losses could occur near-term.
As we move closer to Bitcoin’s quadrennial halving event in April 2024, popular crypto analyst Ali has laid out some historical timeline patterns to monitor. He notes that in the month following previous halvings, Bitcoin saw corrections around 30% and 7%. However, in the year+ period afterward, Bitcoin saw tremendous multi-thousand percent rallies.
If past trends repeat, Ali suggests we could see the next Bitcoin bull market peak sometime around April or October 2025 after similarly gigantic gains. So while today’s decline stings in the short run, there seem to be longer-term bullish trends still intact as we countdown to the 2024 halving.
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