Leading cryptocurrency Bitcoin (BTC) started the new week with a new record high. The price of BTC surpassed $120,000 for the first time in its history.
According to Binance data, BTC continued to break records during the day yesterday and broke a new record by surpassing $123,000.
However, this upward momentum was short-lived. After reaching a record high of $123,000, Bitcoin’s price began to decline, falling to $117,000.
This decline was also reflected in altcoins. Ethereum (ETH) fell below $3,000 again, dropping to $2,950. XRP fell 2.4% in the last 24 hours, Solana (SOL) fell 4.4%, and Dogecoin (DOGE) fell 6.6%.
Analysis firm Alphractal stated that this decline was due to reduced buying pressure and selling pressure from investors seeking to take profits.
Stating that this decline is normal, Alphractal stated that the current phase represents a natural correction phase and should be monitored carefully until the market stabilizes.
Alphractal CEO Joao Wedson also stated that he expects a short-term correction. He noted that the downward trend could continue for some time, predicting that the BTC price could drop to as low as $108,000 before rising to $143,000-$148,000.
“Short-term outlook for BTC:
$115,000 seems inevitable, but a drop to $108,000 is still on the table before a potential rally to $143,000-$146,000 if momentum picks up.
*This is not investment advice.
