Bitcoin
Altcoin market could drop 30-40% if Bitcoin price drops below $60K this week
The total cryptocurrency market value fell 3% in the last 24 hours to around $2.4 trillion on Monday during the start of the Asian session. The market was bearish over the weekend as the price of Bitcoin (BTC) continued its recent downward trend.
The major currency closed last week around $63,000, a key support/resistance level that has raised fears of further capitulation.
Furthermore, the price of Bitcoin fell by around 2.3% in the last 24 hours, and the trading price fell to around $62,800 on Monday.
If Bitcoin price consistently closes below $63K in the coming days, the major coin will easily test the support level above $60K.
What’s Next for the Altcoin Industry
According to a popular crypto analyst known as Ash Crypto, the altcoin market will continue to consolidate for the next 6 to 9 months before the anticipated mega season begins.
Meanwhile, the crypto analyst believes the altcoin industry is on the verge of a 15-20 percent drop if Bitcoin price continues with bearish sentiments ahead.
“ALT Mcap has fallen below the mega bullish trendline. We could see a small bounce if BTC rises, but it looks like the alt market will go through a final round of capitulation where alts could fall another 20% before the next mega season,” the crypto analyst noted.
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Following the notable cash outflow from US-based spot Bitcoin ETFs in recent weeks, attention is gradually turning to the Ethereum network. According to on-chain data analysis provided by Santiment, the Ethereum network recently recorded its biggest increase in active addresses in three months, reaching over 617,000 addresses last week.
The upcoming listing of the recently approved spot Ether ETFs in the United States has increased bullish medium-term speculation. Furthermore, the approval and listing of spot BTC ETFs earlier this year resulted in a bullish surge towards the all-time high (ATH).
BlackRock and Fidelity have already launched their respective spot Ether ETFs ahead of their expected listing next month.