After reaching a peak of $108,000, Bitcoin’s price has crashed to $93,000 as the entire market experiences a bloodbath.
The price of the number one digital asset crashed to this level on 20 December according to Coin Market Cap, after many days of upward movement, causing panic among investors.
Several crypto experts have lent their voices amidst the market crash, many of which believe the correction is healthy and necessary.
Experts weigh in
Bitcoin and the crypto market as a whole have experienced some bullish movement in December, causing many assets to reach prices last seen in the 2021 bull market.
This has significantly turned the sentiments of investors from being bearish to being bullish, and many expected that the rally would continue, at least for the next few months.
However, the market started a downward trend in the last 48 hours and things seem to be getting worse, leading to panic.
One of the top crypto analysts, Michael van de Poppe with over 750,000 X followers says the crash is an opportunity to buy, even though it is admittedly a massive correction.
He also added that he expects Bitcoin to start consolidating from now, and for altcoins to have their next run.
Also while admitting the massive crash, another analyst, Crypto Tony remains bullish unless Bitcoin crashes below $59,500.
No wonder, The Crypto Dog thinks a drop to $78,000 for Bitcoin wouldn’t be out of place, because it seems the lower the asset goes, the bigger the bounce will be.
How altcoins are doing
No doubt, the crash has affected Bitcoin significantly. However as is usually the case, altcoins seem to be worse hit.
While Bitcoin has only dropped by just over 8% in the last 24 hours at the time of writing, Ethereum is down by nearly 13%.
Solana and Dogecoin which were top gainers in the last rally have also dropped significantly, losing 12.16% and 20.98% respectively in the last 24 hours at the time of reporting.
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