BTC’s price fell under $100k today, leaving many crypto traders worried about what’s next. Market watchers like TheoTrader and EtherNasyonal looked at past patterns to explain what was happening. They shared their thoughts on why the market is pulling back and how things might shift in the crypto space.
TheoTrader shared insights on X (formerly Twitter) into Bitcoin’s historical patterns, noting that mid-December dips are a recurring feature of bull markets. TheoTrader described the current downturn as “just the market cooling off, clearing the way for the X-mas rally.” The data indicates that the price of Bitcoin has been rising gradually before leveling out recently.
According to the statistics, a crucial price floor of about $90,000 appears to exist; this is indicated by a green box on the chart. This level could attract significant buying interest if the price retraces further.
TheoTrader’s projection indicates a bullish recovery, with the potential for Bitcoin to resume its upward trajectory after testing this support zone. The optimism reflects a broader sentiment among traders who view this dip as a temporary correction rather than the end of the bullish cycle.
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Bitcoin Dominance Weakens Amid Market Shifts
Another factor influencing the market is the reported decline in Bitcoin’s dominance. Analyst EtherNasyonal noted that Bitcoin dominance is in a “major downtrend,” while altcoin market caps are showing strength.
Crypto traders are starting to look beyond Bitcoin these days. More people are putting their money into different digital coins instead of just sticking with Bitcoin. This helps explain what we’re seeing across the whole crypto market.
When Bitcoin loses its grip in the market like this, things tend to get choppy, traders start spreading their investments across different coins. EtherNasyonal’s observation aligns with the recent price action, where altcoins have outperformed in relative terms, even as Bitcoin faces downward pressure. This dynamic adds another layer of complexity to the current market trends.
Read Also: Top Analyst Predicts Key Events to Skyrocket Ripple (XRP) Price, Reveals Timeline for $100+ Spike
Historical Patterns and Market Sentiment
The current market behavior mirrors historical tendencies in cryptocurrency bull markets, where mid-cycle corrections often pave the way for stronger rallies. TheoTrader emphasized that these dips, while unsettling, often clear the market of weaker participants and set the stage for renewed upward momentum. His projection of a potential “Christmas rally” resonates with the optimism shared by many long-term investors.
Markets are bouncing around right now, which makes investors nervous. But overall, things still look stable according to market watchers. As long as Bitcoin stays above key price levels, we could see prices start climbing again – fitting what many expect to happen through the end of the year.
This combination of historical patterns, market dominance shifts, and ongoing trader sentiment paints a complex picture of the cryptocurrency market. As Bitcoin navigates this correction phase, all eyes remain on its ability to hold key support levels and recover in the weeks ahead.
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