Crypto Market Bloodbath: Bitcoin (BTC) Tanks 8%, Will It Go Under $60,000?

By Bhushan Akolkar
November 16, 2021 Updated November 16, 2021
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Last Saturday, November 14, Coingape reported that the long-term Bitcoin holders have started distributing their coins indicating a bearish move in the market and here were are today! Bitcoin (BTC) and the overall cryptocurrency market have corrected by 8% as of writing this story.

As of press time, BTC is trading 8% down at a price of $60,549 with a market cap of $1.155 trillion. The immediate support is at $60,000 and looking at the market volatility, BTC can slip under it as well!

Based on the technical charts, popular trader Peter Brandt thinks that the BTC price can correct an additional 10% from the current levels and suggests that he will be buying BTC at around $53,000 levels. Similarly, he expects the ETH price to correct another 8% to $4,000 levels.

In his subsequent Tweet, Brandt explains that he’s not willing to go short and that he’s not a bear. “These prices are NOT predictions or recommendations. I’m simply interested in buying at these prices if it happens. Nothing more. Nothing less. No hidden message,” he adds.

Another crypto analyst Lark Davis compares today’s price correction with a similar one back in No0vember 2017, before BTC began its mega bull run. He wrote:

November 2017 had a 29% drop, and a crazy single day candle that dropped by 25%!!! The month ended 55% higher in spite of the price drama. Just some perspective for you!

Courtesy: Lark Davis

Altcoin Market In Deep Red

Altcoins, which had a dream rally in the last few months have been hammered as well in today’s price correction. The altcoin space has collectively lost more than $100 billion in the last 24 hours.

As of press time, all of the top ten altcoins have lost anywhere between 5-12%. The ETH price is down 8.14% as of press time and is currently trading at $4,330 and a market cap of $512 billion.

Polkadot (DOT) has dropped the most over 10% extending its weekly losses to more than 20%. One of the recent top performers Solana (SOL) is also down by 5% while Cardano (ADA) is down by more than 6%.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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