- Bitcoin price fell from its new ATH of $58,640 to $45,201 today.
- The BTC price reduction was a result of technical corrections.
Bitcoin price decreased drastically from its new all-time high of $58,640 to a 24h low of $45,201. This price fall has taken the entire crypto market by surprise, resulting in over 10% loss in the last 24h.
Within the same time frame, as the bitcoin price rose, lots of altcoins also saw an upward rise. To name a few, Crypto.com’s native coin (CRO) increased about 63% to set a new all-time high of $0.2748.
Based on the BTC price fall, ExoAlpha Chief Investment Officer David Lifchitz predicts that another price correction will soon occur.
“$50,000 looks like the first stop for a mild pullback but a second leg down could take it down to $40,000 while the $30,000 zone looks like the ultimate bottom should things turn ugly in the short term.”
Also, Lifchitz predicted the possibility that Bitcoin price is unlikely to pull back below $30,000 due to the decline of US dollars. Moreover, Bitcoin has recently surpassed the worth of gold, proving its store of value.