Altcoin Market Might Crash 30–40% If Bitcoin Price Drops Below $60K This Week

TastyChillySauce00

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Quote from: Argoo on July 05, 2024, 01:45:21 AM

Quote from: TastyChillySauce00 on July 04, 2024, 07:05:37 AM

Quote from: muncuss on June 24, 2024, 05:17:45 PM

My holding is -40% so it is already happened. This is probably a big crash people talking about few months back. I hope 60k is the floor

Sadly. bitcoin break 60k, and your wish is not coming true. But, the dump of bitcoin is not stopping yet, and altcoin is likely getting doomed again soon. We may not see the 60k floor again until next year. The market may be bouncing a bit. But, I suggest you not to hold your token for the long term. It's due to the MTGOX. Germany and the US government are still dumping their bitcoin to the market. And in the last, the dump from those parties ma be causing another panic sell, and it's gonna dump your portfolios too.

Bitcoin has now fallen to $54,307 and Ethereum to $2,868. Over the past 24 hours, Bitcoin has dropped in price by more than 7 percent, and Ethereum by more than 10 percent. The drop is very sharp, but there are objective reasons for this, which are not too long-lasting.
It is expected that by the end of summer there may be a good rise in the cryptocurrency market again, so there is no need to panic. Now there is a good chance to stock up on promising cryptocurrencies at a very low price, if you have available funds.

True. But, you must also consider if there are billions worth of bitcoin, and these bitcoins will soon be distributed to the market. And retail investors are likely feeling worried to enter the market again. But, that makes sense because they can be used as exit liquidity by MtGox recipients and governments.
I'm not even feeling panic. But, I'll take the opportunity to short the market. However, it's hard to scalp with futures. But, it can help me earn money. It's kinda weird to load up crypto during the bearish trend like this because you may lose your money instantly. And last, waiting for Mtgox and government to dump their btc is the best choice for trader.

In addition, i provide you a letter from mtgox says they are gonna repay their investors this month, and it's around 144k BTC(probably more).

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Quote from: Argoo on July 05, 2024, 01:45:21 AM

Bitcoin has now fallen to $54,307 and Ethereum to $2,868. Over the past 24 hours, Bitcoin has dropped in price by more than 7 percent, and Ethereum by more than 10 percent. The drop is very sharp, but there are

When bitcoin enters into bearish mode, altcoins as well enter; the vice versa is not true always and we cannot have any generalized ratio among altcoins and bitcoin on falling or rising percentage. I was not expecting a fall of bitcoin market up to 54k levels but was expecting when watched bitcoin network fees was lowering. Now we may see bitcoin prices lowering further but I expect $51k may act as strong support hence before seeing any further fall, we may see some appreciation in short term.

Quote from: Argoo on July 05, 2024, 01:45:21 AM

It is expected that by the end of summer there may be a good rise in the cryptocurrency market again, so there is no need to panic. Now there is a good chance to stock up on promising cryptocurrencies at a very low price, if you have available funds.

Always for long term perspective, we never need to panic only traders and short term investors might need to rearrange their plans and goals. By this year end, we can expect bitcoin market to trade again above $70k levels which may trigger altcoin markets to rise up again.

Argoo

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Quote from: TastyChillySauce00 on July 04, 2024, 07:05:37 AM

Quote from: muncuss on June 24, 2024, 05:17:45 PM

My holding is -40% so it is already happened. This is probably a big crash people talking about few months back. I hope 60k is the floor

Sadly. bitcoin break 60k, and your wish is not coming true. But, the dump of bitcoin is not stopping yet, and altcoin is likely getting doomed again soon. We may not see the 60k floor again until next year. The market may be bouncing a bit. But, I suggest you not to hold your token for the long term. It's due to the MTGOX. Germany and the US government are still dumping their bitcoin to the market. And in the last, the dump from those parties ma be causing another panic sell, and it's gonna dump your portfolios too.

Bitcoin has now fallen to $54,307 and Ethereum to $2,868. Over the past 24 hours, Bitcoin has dropped in price by more than 7 percent, and Ethereum by more than 10 percent. The drop is very sharp, but there are objective reasons for this, which are not too long-lasting.
It is expected that by the end of summer there may be a good rise in the cryptocurrency market again, so there is no need to panic. Now there is a good chance to stock up on promising cryptocurrencies at a very low price, if you have available funds.

TastyChillySauce00

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Quote from: muncuss on June 24, 2024, 05:17:45 PM

My holding is -40% so it is already happened. This is probably a big crash people talking about few months back. I hope 60k is the floor

Sadly. bitcoin break 60k, and your wish is not coming true. But, the dump of bitcoin is not stopping yet, and altcoin is likely getting doomed again soon. We may not see the 60k floor again until next year. The market may be bouncing a bit. But, I suggest you not to hold your token for the long term. It's due to the MTGOX. Germany and the US government are still dumping their bitcoin to the market. And in the last, the dump from those parties ma be causing another panic sell, and it's gonna dump your portfolios too.

I provide you these pictures as my proof. And these pictures are showing the total amounts of bitcoin gonna be dumped to the market.

Be careful with your investment, and i warn you. Mtgox and the Germany government are always dumping their bitcoin on the market. And altcoins may be dumping even deeper.

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Quote from: jaberwock on June 27, 2024, 03:09:31 PM

It is said when BTC drops below $60k (not touched $60k) because the tone indicates an increase. As of now BTC is still valued at $61k. There are no drops that happened yet I think but only a recovery because I think we are down last time. What can we expect in altcoins? Of course they can also follow it because this is already their mannerism.

A 30 to 40 percent drop in the price of BTC is already heavy, so don't wonder on why altcoins are bloody right after it but even if not, it can still happen because altcoins are more fragile than in BTC. Altcoins can still pump a lot when BTC pumps up, so I guess that is still a good compensation?

whenever bitcoin drops people become hesitant, so they choose to reposition to. BTC and ETH, most of the coins right now dumping after not long ago bitcoin went below $60k
slight cough of BTC like below

already caused most of altcoins that pumped earlier to be down about 15% even meme coin aren't spared.
I expect if bitcoin down below $54k, altcoin will probably lost 50% of its value, crazy how market mood shifted so fast.

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Quote from: GreatArkansas on June 25, 2024, 08:13:15 AM

Quote from: shanhaigamefi on June 24, 2024, 05:10:51 AM

Do you think this speculation could happen?

Wow, it seems it is already happening.
Bitcoin just touched $60,000 level and altcoins followed Bitcoin too.
It's just sad for altcoins because every drop like this, they are most bloody compared to Bitcoin itself.

It is said when BTC drops below $60k (not touched $60k) because the tone indicates an increase. As of now BTC is still valued at $61k. There are no drops that happened yet I think but only a recovery because I think we are down last time. What can we expect in altcoins? Of course they can also follow it because this is already their mannerism.

A 30 to 40 percent drop in the price of BTC is already heavy, so don't wonder on why altcoins are bloody right after it but even if not, it can still happen because altcoins are more fragile than in BTC. Altcoins can still pump a lot when BTC pumps up, so I guess that is still a good compensation?

ginsan

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When bitcoin falls, some altcoins will experience a deeper decline because this often happens when the market is uncertain, when you say this is just speculation then I note the market often happens.
Try to imagine if bitcoin drops more than 10% how many tens of percent of altcoins will go down, that indeed altcoins are not strong with the decline from bitcoin this has an impact on other altcoins, this is why we must be careful holding altcoins when this decline is more minus that investors experience.

Marykeller

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Altcoins are already experiencing a crash as bitcoin prices fall. Most of us are aware that bitcoin controls the altcoin market. once bitcoin begins to skyrocket, altcoin prices rise. Altcoin decreases as it decreases.

The majority of investors who have invested in altcoins since the beginning of the year have suffered significant losses due to high purchase prices. However, no one knows how long it will take them to recover their losses in some of their altcoin investments, as not all altcoins will increase in price as they did.

X-ray

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I mean to be fair recent dump of BTC from $70k all the way to $62k already shows us how significant bitcoin price could affect the other altcoins prices.

some L1 and L2 blockchain literally dumping so hard its actually ridiculous, ZKsync with its massive investment from the venture capital that happen to release their coin at the time bitcoin dumping could only get $500 million capital which honestly disappointing, other coin such as TIA literally dumping from $12 to $6 and lost 50% of its value, if bitcoin goes below $60k marks its probably bearish season for altcoin if i'm being frank.

the entire market is carried by bitcoin and we can't deny that. good thing ETH still quite resilient since that is where most of my money is, but can't deny i've lost my share of capitals too.

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Quote from: muncuss on June 24, 2024, 05:17:45 PM

My holding is -40% so it is already happened. This is probably a big crash people talking about few months back. I hope 60k is the floor

Bitcoin has bottomed around 58k, and it's yearly low. It appears that the price is bouncing up today, but this does not indicate if bitcoin will rise again. According to the news from mtgox, they would distribute bitcoin to their creditors, implying that bitcoin may face another dump shortly. The huge crash occurred, but it was not as severe as in 2020, when Covid attacked us. And, once again, I expect bitcoin to bounce to $65k because it needs to find support before climbing back toward $70k.

Finally, bitcoin will utilize 60k as a new floor to remain bullish, and many people believe bitcoin will rise again next year to breach the new ATH, despite the fact that it did so last month.

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Quote from: shanhaigamefi on June 24, 2024, 05:10:51 AM

Do you think this speculation could happen?

It's actually the opposite. I guess that we're getting that era whenever Bitcoin falls, there could be alts that will pump.
I think the most recent are with the meme coins and they've pumped a lot then.
However with such market move of BTC that has fell, the majority of the alts are moving with it on its direction.

GreatArkansas

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Quote from: shanhaigamefi on June 24, 2024, 05:10:51 AM

Do you think this speculation could happen?

Wow, it seems it is already happening.
Bitcoin just touched $60,000 level and altcoins followed Bitcoin too.
It's just sad for altcoins because every drop like this, they are most bloody compared to Bitcoin itself.

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It is within the realm of possibility; Bitcoin often serves as a bellwether for the broader market. Fear and uncertainty can spread quickly in the crypto market. A significant drop in Bitcoin's price can lead to a ripple effect, causing substantial declines in altcoin prices as well. It can trigger sell-offs in altcoins, leading to a price crash.

muncuss

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My holding is -40% so it is already happened. This is probably a big crash people talking about few months back. I hope 60k is the floor

asriloni

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Quote from: shanhaigamefi on June 24, 2024, 05:10:51 AM

Do you think this speculation could happen?

I do, and why not?

Look at the table i provide below, i don't give shit to the altcoins anymore because i've sold my stash at peak.

Bitcoin fell from $70k to $59k (current price), while the bulk of cryptocurrencies listed on Binance fell drastically. If bitcoin falls below $55k, I believe altcoins are going to suffer another disaster.

Don't you know if your speculation has already happened? The situation is far worse than you feared. The majority of tokens on Binance have plummeted 50% to 80% from their all-time high.

We will have a bunch of new homeless guys.

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Quote from: shanhaigamefi on June 24, 2024, 05:10:51 AM

Do you think this speculation could happen?

When most altcoins have crashed 100% when bitcoin decreased from $73800 to now $61000. If need be, I can mention tens of coins that are popular that have fallen more than 2 to 3 times or more.

If bitcoin continues to fall, I am expecting the altcoins to have fallen 5 times or more.

GxSTxV

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I agree with everyone here, in case Bitcoin price falls below this level, which trading on $61K at this moment of writing my post, certainly, most of Altcoins would also fall even worse. All this time and the Market is following one type of movement, whenever Bitcoin is doing well all other coins and tokens are following the same trend.

However, in very few cases where there are new projects and that coin is strong enough to hold back the selling power, investors buying more, we see a different trend taken opposing direction of Bitcoin price. Lately, as we have see with TON coins which are still trending these days on Telegram since they are new and hyped.

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Quote from: Taskford on June 24, 2024, 05:42:00 AM

Quote from: shanhaigamefi on June 24, 2024, 05:10:51 AM

Do you think this speculation could happen?

Chances is high since we are seeing a big decline happening which could affect the emotions of people. For sure that lots of people are now in fear for their holdings that's why I expect something more to come with this current dump happening on bitcoin.

Now if bitcoin would drop more under $60k then maybe there's a chance that bitcoin would reached at $55k+ level. But hopefully bitcoin will not dive at that far since that might kill the interest of lots of people and maybe this could trigger the bearish condition.

So hope to see some great recovery soon and for sure to many people again got liquidated on their futures trading by this said incident happening on bitcoin

The possibility is very high especially for those alts that are already dying in the trading market. We all know that big percentage of alts don't have significance in this market. So for those alts which are barely surviving can easily decline its value to almost nothing. So the crash of 30-40% may only be true to some valuable alts, but with the rest of alts, it can go down to almost 90-95% of its value. Just look at how alts got abandoned and forgotten by their respective devs. Once they exited the market, there's almost no chance of recovery.

And in my opinion, it is not a speculation anymore. Because we already have seen such scenario many times, whenever we go to the seemingly bearish season. The alts are also greatly affected by such event. Only those with solid foundation or mostly the top alts can survive in bearish season.

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Quote from: shanhaigamefi on June 24, 2024, 05:10:51 AM

Do you think this speculation could happen?

Chances is high since we are seeing a big decline happening which could affect the emotions of people. For sure that lots of people are now in fear for their holdings that's why I expect something more to come with this current dump happening on bitcoin.

Now if bitcoin would drop more under $60k then maybe there's a chance that bitcoin would reached at $55k+ level. But hopefully bitcoin will not dive at that far since that might kill the interest of lots of people and maybe this could trigger the bearish condition.

So hope to see some great recovery soon and for sure to many people again got liquidated on their futures trading by this said incident happening on bitcoin

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Quote from: shanhaigamefi on June 24, 2024, 05:10:51 AM

Do you think this speculation could happen?

The market is unpredictable, it may or may not happen, and it doesn't matter. It is important that if you are investing in altcoins or intending to invest in altcoins, you need to have a plan if that scenario occurs.

But I think investing in altcoins at this time is still not a good time, it would be better if we continue to focus on bitcoin. In addition, there are some opinions that this year's altcoin market will be more fierce as new projects are created more and more and out of control. This means we will no longer see the crazy growth of altcoins like previous bull seasons, so investing in altcoins is actually much riskier now.
As you can easily see, many altcoins are even making new lower lows compared to April 2023, while bitcoin has yet to have any significant correction. So be careful when investing in altcoins and don't do DCA strategy with altcoins.

Topic: Altcoin Market Might Crash 30–40% If Bitcoin Price Drops Below $60K This Week (Read 241 times)