Bitcoin: Price Continues to Crash Dragging the Whole Crypto Market Along
Bitcoin (BTC) continues its downtrend, with the price losing the $28,000 level after seeing high volatility in the past few days.
The price of BTC dropped by more than 3.5% in the past 24 hours and is currently trading at $27,950 on Coinbase. On the weekly chart, Bitcoin lost around 9.8%.
This comes just one day after the crypto king managed to reclaim the $30,000 level.
Currently, the whole market is being submerged, with most altcoins registering significant losses.
A continuation of this correction is still in the cards, as some analysts suggest that the current fair value of BTC is around $25,000. Others have even more bearish opinions, predicting a drop below $20,000.
Just two days ago, the Fear and Greed index peaked at 58, reaching a 17-month high. The market has become greedy, and perhaps the downtrend was inevitable.
Not everything is dark and gloomy, however.
As Mike Novogratz, Galaxy Digital’s CEO, said recently, it would be better to have steady growth and sustainably rather than experience a sudden surge that could be detrimental to the industry.