After struggling to rally beyond $71,272 in the past few weeks, Bitcoin’s (BTC) price has led the altcoin industry in significant bleeding. According to the latest market data, the cryptocurrency market cap declined by over $200 billion in the past 24 hours to about $2.65 trillion.
As a result, more than $400 million, with the majority invoking long traders, was liquidated from the crypto market in the past 24 hours. The sudden crypto selloff comes after $15 billion worth of Bitcoin and Ethereum options expired at the tail end of March.
Buy the Dip Narrative
The preparation for the upcoming Bitcoin halving has seen increased adoption of the stablecoins by whale traders. According to an on-chain data analysis by Santiment, wallets holding at least $5 million in crypto assets have accumulated about 5.09 percent of the top stablecoin supply. As a result, the crypto whales have significantly increased their buying power amid the upcoming halving.
Remarkably, Santiment analysis has shown that the crowd remains optimistic for an inevitable rebound in the coming weeks. The social volume for buying the dip has outpaced those of sellers.
Mid-term Expectations
The ongoing crypto correction is expected to yield a possible pre-halving rally despite the notable cash outflows from Grayscale’s GBTC. According to a Bitcoin price analysis by a popular crypto analyst, Captain Faibik, the flagship coin is preparing for an inevitable bullish breakout later this week.
The crypto analyst noted that Bitcoin’s price is forming a bullish pennant pattern in the higher time frame, thus a target of between $88k and $90k by the end of this month.
Ideally, if the Bitcoin price registers a sudden bullish breakout, the altcoin industry will follow suit in the subsequent weeks.
