Cryptocurrency market sees Bitcoin on a downward trend today. The price, at the time of writing, has fallen below $51,000. In recent days, the BTC price had reached $52,816. However, after facing rejection at that level, Bitcoin moved within a volatile horizontal price range. Now, the price is around $50,700.
Will Bitcoin Price Drop Further?
Bitcoin’s price could see a correction below the $50,000 level, according to some analysts. Analyst Crypto Capo suggested a drop to the $45,000 level might occur, followed by a rebound to around $48,000.
Analyst Michael van de Poppe mentioned that if the upward movement in Bitcoin continues, the primary target range for the price would be between $54,000 and $58,000. However, he also noted that a price correction could occur, potentially bringing BTC down to the $48,000 level.
Current State of Ethereum and Leading Altcoins
Bitcoin’s fall below the $51,000 level has impacted other cryptocurrencies, including Ethereum. Ethereum, which recently broke the $2,800 resistance, has now fallen to around $2,730.
The BNB coin, which had risen to $366, has dropped below $350 alongside Bitcoin’s decline. BNB coin is currently trading at $348.
The altcoin Solana has fallen below the $110 resistance level. At the time of writing, it is trading at $106. XRP is finding buyers at $0.54, while ADA is trading at $0.57.
