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Cryptocurrency traders woke up to another nightmare as BTC prices fell to around $88,000. The declining altcoin market, which has seen losses drop to levels not seen in months, has spurred further concerns among traders. A well-known analyst has provided encouraging insights by likening the current situation to historical data from the SP500 index.
Will Cryptocurrencies Rise Again?
As of the writing, BTC is trading at approximately $88,900. While the total market value of cryptocurrencies has decreased from previous highs, Moustache remains optimistic. According to him, the SP500 chart indicates that a similar pattern may soon repeat for BTC.
“Double top – bear trap. S&P 500 has already shown the way. Can BTC do the same?”
DonAlt also weighed in on the current situation. He believes that a test of the lower range has occurred, which isn’t unusual. If BTC closes above its lowest levels, he anticipates a rebound in the coming week. However, he still expects that the market will only fully engage when Bitcoin 
$83,014 regains the $100,000 mark.
The Situation for Solana (SOL)
SOL Coin has already been experiencing a corrective drop, which has intensified following Bitcoin’s significant pullback. These abrupt drops have occurred even during rising trends. However, the market is putting investor psychology to the test like never before, especially with prolonged bear markets in altcoins and a lack of visible effects from positive news.
“I don’t think SOL is ‘dead.’ I believe it will come back eventually.”
Binance CEO Richard Teng described the recent market downturn as a “tactical pullback” rather than a conclusion. As trade tariffs fuel recession fears, short-term inflation expectations are amplifying. The PCE data expected on February 28 could trigger more significant fluctuations in the market due to these tensions.
