Bitcoin has been correcting to lower prices since the announcement of rate cut yesterday, and analysts think it could be going much lower.
According to an analysis shared on 30 October, the number one coin still has potential for a rally and new all-time high in November but it could crash to $100,000 before a rebound.
A needed correction
Bitcoin has seen several corrections in the past few weeks with a few rebounds. In all of it, investors and fans of the coin were hopeful that a rate cut would fix everything.
After the rate cut yesterday however, the coin has continued to tank, raising concerns about its future.
Analysts say the correction is normal post rate cut as Bitcoin must find a suitable support to rebound.
This time, a crypto analyst known as Crypto Tony expects the coin to drop to $100,000 from the current price of $107,000.
To confirm this, another analyst, Michael van de Poppe who believes reclaiming $112,000 is key for Bitcoin to begin its journey to a new all-time high says Bitcoin’s rally remains valid but the price could drop to $103,000 or even lower before the rally.
He therefore advises investors to “buy the dip” rather than entertain fear which often leads to selling at a loss just before the rally.
Altcoins suffer worse fate
As expected, altcoins have suffered a worse fate in the correction than Bitcoin which is the number one digital asset.
Several top alts have lost significant percentages of their value. For example, Dogecoin and Cardano, the ninth and tenth largest altcoins have lost 8.23 and 8.26% respectively.
This makes them the biggest losers at the time of writing this report and unless the correction stops soon, more coins will end up losing even more value.
What do you think?
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