Bitcoin experiences a "cliff-like plunge"! Analysis: There is still downside potential, feared to drop to $47,000.

According to CoinGecko market data, Bitcoin was trading at $57,071.45 at the time of writing, with a 24-hour decline of 7.7%.

The weakness in Bitcoin's market has triggered a chain reaction, causing many competing coins to undergo sharp corrections. Ethereum fell 6.4% to $2,866; Binance Coin (BNB) dropped 6.7% to $548; Solana (SOL) decreased 7.2% to $121.67; Ripple (XRP) declined 2.5% to $0.4886. Dogecoin (DOGE), Toncoin (TON), and Shiba Inu (SHIB) all experienced declines exceeding 10%.

Cryptocurrency analyst Michael van de Poppe speculated that Bitcoin has dropped 20% from its all-time high but may still have further downside potential, with expectations of falling to the range of $56,000 to $58,000. Senior trader Peter Brand holds a more pessimistic view on Bitcoin's future. He believes that Bitcoin has reached its peak price, and a descending triangle pattern on the chart suggests that Bitcoin will continue to fall until the trend is broken. He predicts that Bitcoin will decline to the range of $47,000 to $49,000 before the bull market returns.

This article is from the blockcast:https://blockcast.it/2024/05/01/bitcoin-price-risks-crashing-to-45-49k/

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AIC Team