Bitcoin (BTC) Price Predicted to Plummet Near the $47,000 Mark Amid Ongoing Crypto Bloodbath

The total crypto market cap has dipped 5.16% in the last 24 hours, currently at $2.02 trillion.

The price of Bitcoin (BTC) could further drop to the $47,000 level amid the ongoing crypto bloodbath.

The total crypto market capitalization decreased by 5.16% over the past 24 hours and now stands at $2.02 trillion.

One of the worst crypto market crashes in recent memory is now underway. The Bitcoin price has also struggled as of late.

At the time of writing, BTC trades at $55,576, showcasing a decrease of 3.69% over the past day. However, it has plummeted by 21.66% in the past 30 days.

But this Bitcoin crash might not be over just yet. Renowned crypto market analyst Ali Martinez shared his key observations regarding BTC’s price action.

He tweeted that the largest coin on the market lacks a major support level.

Bearish sentiment looms over Bitcoin

Martinez predicted that BTC has a key demand zone around the $47,000 level.

This suggests that the coin is likely to hit this price during the ongoing market crash.

However, Martinez also highlighted a potential rebound scenario.

According to him, the Bitcoin price needs to close and hold above the $61,000 level to resume its bull run.

While this seems unlikely considering the current scenario, it can’t be completely ruled out.

If the bulls attempt to take over, Bitcoin could spark this potential rebound.

However, the crypto community seems pessimistic. No one expected the current crash as the market was expecting a major bull run after the recent BTC halving event.

Traders were also bullish following the approval of Bitcoin spot ETFs earlier this year.

But to their dismay, Bitcoin failed to spark a major bull run. While it was consolidating in the past few weeks, this week brought a broader crypto bloodbath.

However, such volatility is expected from Bitcoin and other coins. So, anything can happen, and we may still see the much-anticipated Bitcoin rally later this year.

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