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Bitcoin Price Drops to $45K, Price Correction Underway

  • Bitcoin price fell from its new ATH of $58,640 to $45,201 today.
  • The BTC price reduction was a result of technical corrections.

Bitcoin price decreased drastically from its new all-time high of $58,640 to a 24h low of $45,201. This price fall has taken the entire crypto market by surprise, resulting in over 10% loss in the last 24h.

The BTC price dip was due to technical corrections as per an expert report. However, due to traders’ buying activities, people still expect Bitcoin to reach $100,000 soon.

Within the same time frame, as the bitcoin price rose, lots of altcoins also saw an upward rise. To name a few, Crypto.com’s native coin (CRO) increased about 63% to set a new all-time high of $0.2748.

Based on the BTC price fall, ExoAlpha Chief Investment Officer David Lifchitz predicts that another price correction will soon occur.

Lifchitz said,

$50,000 looks like the first stop for a mild pullback but a second leg down could take it down to $40,000 while the $30,000 zone looks like the ultimate bottom should things turn ugly in the short term.

Also, Lifchitz predicted the possibility that Bitcoin price is unlikely to pull back below $30,000 due to the decline of US dollars. Moreover, Bitcoin has recently surpassed the worth of gold, proving its store of value.

At the time of writing, Bitcoin’s price is changing hands at $46,541 with a 24-hour trading volume of $116 billion, according to CoinGecko.

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Collins Adane

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.

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