Bitcoin (BTC) price is seeing strong selling pressure, correcting another 6% over the past week and slipping under $110,000. Market experts believe that the Bitcoin crash can extend further all the way t0 $94,334. At the same time, they see BTC dominance surging higher, which could potentially mean that altcoins could crash even harder.
Bitcoin Crash Can Extend to $94,334 Says Expert
Crypto analyst Ali Martinez has warned that Bitcoin faces the risk of a steep correction if it fails to reclaim the $116,354 level. According to Martinez, pricing bands suggest that BTC is currently trading in a tight range, with resistance at $116,000 and support near $94,000.
He explained that the MVRV bands highlight this consolidation zone. Thus, losing the mean band could trigger a Bitcoin crash with another 15% downside. Bitcoin price is showing weakness despite the drop in US PCE inflation data. If BTC cannot hold above the critical resistance, a decline toward $94,334 remains a strong possibility.
Although analysts remain positive about Q4, expecting a strong rebound from the Bitcoin crash. Furthermore, they expect the BTC dominance to rise, which could mean a strong altcoin correction in the near term. Speaking on the development, crypto analyst Ted Pillows noted:
BTC Dominance Sees Strong Bounce
Crypto analysts are pointing to renewed strength in Bitcoin dominance, signaling a shift in market liquidity. This could potentially weigh on altcoins in the near term. Analyst Ted Pillows noted that Bitcoin dominance is bouncing back sharply, suggesting liquidity is moving into BTC at the expense of altcoins. He projected that dominance could climb toward the 61%–62% range before reversing. Asset managers like BlackRock have also started buying BTC back via its IBIT ETF.
Source: Ted PillowsMeanwhile, analyst Miles Deutscher observed that the rotation of liquidity from Bitcoin into Ethereum and then Solana unfolded more quickly than many anticipated. He argued that liquidity is now concentrating back into Bitcoin.
Thus, following the recent Bitcoin crash, the analyst expects BTC to lead the market for a while before the next major rotation occurs in the coming months. Deutscher added that Bitcoin needs to catch up to gold, which has absorbed liquidity recently, in order to preserve cycle structure and enable the next “risk-on” phase for altcoins.
Source: https://coingape.com/experts-claim-bitcoin-crash-to-94334-ahead-as-btc-dominance-rebounds/
