Bitcoin Crash Will Present Increased Uncertainty in Altcoin Market Ahead, Says Analyst

After several weeks of consolidating around $27k, Bitcoin price experienced heightened bearish sentiment with more than $111 million liquidated in the last 24 hours. The entire crypto market was not spared by the bearish stance after the United States Securities and Exchange Commission (SEC) sued the leading CEX by daily traded volume Binance. Notably, the SEC claims that Binance violated the United States securities law by listing unregistered security assets like Cardano (ADA), Polygon (MATIC), and SAND, among many others. 

What Next for Bitcoin Market

From a technical standpoint, the recent Bitcoin dip was not a surprise to move on to the higher time frames. Already, Bitcoin price had issued several red warnings of imminent drop. However, there was no major fundamental aspect to support the bears on their quest. According to a popular market trader Jason Pizzino, the entire altcoin industry will continue to bleed despite the fact that Bitcoin’s dominance has begun to decline from recent tops of around 48 percent.

From a short-term perspective, Pizzino noted that Bitcoin price could continue dropping towards the next major support of around $24k. As for the scalp traders, the analyst noted that a short-term rebound could happen after the Bitcoin price hits $24k.

Is the Crypto Market Over in the United States 

The recent crypto bearish sentiment has increased the overall fear and uncertainty in the industry. 

Nevertheless, the overall crypto outlook is bullish in the long term as other markets including Europe have enacted friendly policies.