A crypto analyst is warning of a potential Bitcoin crash, and it could mean bad news for altcoins.
Bitcoin’s Potential Plunge
Bitcoin’s price is hanging around $100,000 after a recent drop, and things might get worse. Crypto analyst Dr. Cat predicts a possible crash down to $98,200. This level is a key support point; if it breaks, Bitcoin could fall even further, potentially to the $70,000 range.
Dr. Cat’s analysis uses Ichimoku indicators, showing Bitcoin slightly above key levels. While there are some mildly bullish signs, the overall daily and 2-day trends are bearish, limiting any upward movement. Even if Bitcoin climbs a bit in the short term, the bigger picture points to a reversal, similar to what happened in April 2024.
Altseason on Hold?
Dr. Cat’s concerns extend beyond Bitcoin. Many altcoins are nearing resistance levels against Bitcoin, similar to the situation before a recent downturn. While a small recovery is possible, the overall market suggests a tough time for altcoins in the coming weeks.
Bitcoin’s dominance is also expected to increase, not because Bitcoin is doing great, but because altcoins will likely fall faster. This means altseason—the period when altcoins outperform Bitcoin—might be delayed significantly.