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.
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
Show more +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.
You may also be interested in:
- Cardano Surges Past Important Resistance, Analyst Predicts ADA Could Reach $0.85 If This Happens
- This Shiba Inu Indicator Flashes “Buy” Signal – Pay Attention SHIB Holders
- Avalanche (AVAX) Resilience at $36.33 Amid Ethereum (ETH) Competition; Dogecoin (DOGE) Poised for Rally, Analyst Forecasts; Early Bitcoin (BTC) Investor Predicts Kelexo (KLXO)
Check $RECQ Meme Coin
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
