There is an ongoing bearish drawdown in the market as the combined crypto market cap is yet to regain its pace after dropping as low as 2% overnight. Bitcoin (BTC), the industry’s clear market leader, is dragging the current sell-offs to new heights, with its price trading at $27,650.23 atop a 0.92% slump.
The current Bitcoin performance is a testament to just how erratic the market can be. Despite the dominant bear action, the coin is looking at a mild recovery on the hourly chat. However, top market analyst Ali Charts is seeing the possibility of another 5% drawdown in the price of Bitcoin.
#Bitcoin has showcased a breakdown from a symmetrical triangle on its 2-hour chart!
Given the triangle’s y-axis height, we might anticipate a 5% correction in $BTC, potentially heading to $26,200. pic.twitter.com/SdrrjcX1hs
— Ali (@ali_charts) October 9, 2023
His thesis is based on Bitcoin recording a breakdown from a symmetrical triangle on its two-hour chart. As shown in the shared chart, the analyst believes the premier digital currency might anticipate a 5% correction in the near term, potentially pushing the price to $26,200. This forecast is a bearish one that indicates the drawdown being experienced at the moment may continue eventually.
While Bitcoin is currently bearing its own brunt of the market onslaught, other altcoins are dropping much faster, helping to reinstate the dominance of the coin above the 50% benchmark.
Pushing Bitcoin sentiment
While the technical indicators are not generally optimistic, per the potential price surge of Bitcoin, the fundamentals surrounding the asset make a amid-to-long term bullish case for current HODLers.
The expectation of a Bitcoin spot Exchange Traded Fund (ETF) product remains one of the most promising factors that can stir new capital inflows into the coin. The upcoming Bitcoin halving event has also been presented as a major testament by the Binance CEO as a basis for BTC to retest multiple highs in the near term.
Bitcoin remains an anchor for the industry, and many believe that irrespective of this ongoing sell-off, the coin is still the best asset to bank on for long-term gains.
