Analysts forecast a drop below $69,000 before an upswing starts as the Bitcoin price corrects, pushing it below the critical support of $80,000.
The price of Bitcoin continues to decline, falling 3.10% further today and below $80,000. According to market observers, the correction is not yet complete, and Bitcoin may go further lower, below $70,000, before rising again. The cryptocurrency market has sustained losses this week after a significant selloff on Wall Street, with altcoins seeing an even more severe collapse at this time.
Bitcoin price can correct to $69,000
Prominent cryptocurrency researcher Ali Martinez has delineated crucial price points for Bitcoin, emphasizing the need to preserve the present $80,000 support level. He stated that the positive momentum would continue as long as Bitcoin maintains these support levels.
He cautioned, nevertheless, that a drop below this level would pave the way for a further drop in the price of Bitcoin, with $69,000 appearing as the next key support level.
BTC recovery depends on macro factors
Arthur Hayes, the former CEO of BitMEX, has expressed a similar perspective on the future of the Bitcoin price while advising investors to have patient in the face of the present volatility. According to Hayes, Bitcoin will drop 36% from its peak of $110,000 to its bottom of about $70,000, which is “very normal for a bull market.” He underlined that a number of macroeconomic factors affect the recovery. According to Arthur Hayes:
“We need stock indices like $SPX and $NDX to free fall, a TradFi player to collapse, and central banks like the Fed, PBOC, ECB, and BOJ to ease monetary policies to ‘make their country great again’”.
Hayes also counseled investors to exercise caution and resist the temptation to “buy the dip.” Prior to releasing further funds, wait for central banks to relax. Even if you might not catch the bottom, you’ll prevent unrealized losses and extended sideways movement,” he continued.
The average Bitcoin price correction, taking into account the historical patterns of the prior bull runs in 2017 and 2021, was between 35 and 37%. Bitcoin has dropped 25% so far in this cycle, indicating further downside potential if the pattern continues.
BTC panic selling to continue?
According to blockchain analytics company Santiment, investors are currently extremely afraid that the price of Bitcoin (BTC) will go below $70,000. Santiment said that the best moment to purchase Bitcoin will be when social media opinion turns primarily negative, marking the beginning of the cryptocurrency’s capitulation phase.
However, for the past three days, the withdrawals from spot Bitcoin ETFs have stayed steady, averaging about $300 million each day. This indicates that institutional interest in Bitcoin has been steadily declining. However, during the last several weeks, XRP has surpassed BTC in weekly inflows.
Cathie Wood, CEO of Ark Invest, is nonetheless optimistic that the current state of the economy may result in a deflationary boom. Despite market concerns, Wood, who is well-known for her dedication to a long-term, innovation-focused investing style, is pushing for transformative growth prospects.
Solana whale bags 195K SOL amid market dip: Can price hit $150 ahead?
In the midst of market volatility, Solana Whale amassed a large 195,000 SOL, which sparked euphoric conjecture about an impending price rebound to $150.
In the midst of a wider market decline, a Solana whale shook the cryptocurrency industry on Tuesday, significantly increasing SOL. As the price of SOL crashed around $120, on-chain whale data indicated that a staggering 195,000 coins were stolen from major cryptocurrency exchanges. As a result, traders and investors expressed strong market emotions around the sixth-largest cryptocurrency by market capitalization, with a possible $150 objective next.
Solana whale’s trade move stirs market optimism
On March 11, Lookonchain statistics showed that a Solana whale had lately taken 195,000 coins out of cryptocurrency exchange giants. In the last 24 hours, $23.2 million worth of coins were purchased from leading CEXs Bybit, OKX, and Gateio, according to whale statistics.
A large-scale trader’s enormous accumulation over a prolonged market downturn demonstrated their great belief in the asset’s future potential. Consequently, general market emotions show hope for the asset’s long-term price prospects.
Solana whale’s ‘buy-the-dip’ plan
Notably, macro worries are presently exerting tremendous pressure on the larger cryptocurrency market. The likelihood of a U.S. recession increased to 40% just after Donald Trump’s latest tariff scandal. Consequently, risky assets faced a panicked investor mood over the world.
The price of Bitcoin dropped $80,000, reaching a multi-month low of $76K on Tuesday. SOL and other altcoins followed the general downward trend. Nonetheless, the Solana whale’s choice to profit from the decline suggested a “buy-the-dip” approach, which sparked waves of optimism among investors as it suggests a rebound is imminent.
Rising staking fuels more optimism
Concurrently, Onchain Lens disclosed in an X post on March 11 that “Cumberland DRW” has just staked 48,182 SOL, or $5.72 million. This data highlights the decreased token supply on exchanges and inspires more hope when combined with the enormous SOL whale accumulation.
A positive path for the price was paved by the whale data and staking story, which collectively showed growing market interest in the asset’s potential.
Can SOL price recover to hit $150?
The price of SOL was trading at $123 at the time of writing, having breached little over 3%. Over the last day, the coin has dropped and risen between $113.19 and $131.24. Observers of the cryptocurrency market predict growing activity in the near future due to increased demand for the commodity.
At the same time, well-known market trader “Coinvo” posted on X that Solana will soon blow up. Citing a historical pattern, the trader indicates that a bull run is imminent as the coin replicates its 2021 trend.
However, Bitcoin pioneer “Lucky” took to X to disclose that even a small market shift may push SOL past $150. According to the expert, there is now a high demand for the currency in the $110–$127 area. The likelihood of these optimistic forecasts increased significantly when combined with the enormous Solana whale accumulations.
XRP active addresses surge despite a 10% price drop today
Over the past week, XRP has fallen 17%, to below $2. On-chain data, however, shows a spike in network activity in spite of the negative trend, which begs the issue of what the underlying market mood is.
The XRP community may be persevering in spite of the macroeconomic slump, since the ultimate ruling in the Ripple litigation is anticipated to be rendered on April 16, one month later.
XRP active addresses have tripled on 2 weeks
Glassnode’s on-chain statistics indicates that the number of active XRP addresses more than quadrupled between February 21 and March 10.
By March 2, there were over 543,000 active addresses for XRP, up from 89,606 on February 21.
Active addresses recovered to 531,000 on March 7, despite a little decline thereafter. XRP still has more than 370,000 active addresses as of March 10—much more than it had before.
Meanwhile, there has been a notable decrease in XRP’s exchange outflows from Binance. The largest daily outflow in a month occurred on March 7, when more than $465 million worth of XRP departed Binance.
The substantial decline in outflows over the last three days, however, points to a slowing in significant withdrawals from the exchange.
Important queries concerning market mood are brought up by the discrepancy between price action and network activity.
Increased user involvement, which suggests rising demand or a higher amount of transactions, is usually indicated by a spike in active addresses.
The drop in Binance outflows, however, might indicate that investors are less inclined to shift their assets off of centralized platforms or that accumulation pressure has decreased. This is frequently used to mean that the direction of prices is unpredictable.
Despite strong network involvement, some analysts think that XRP’s price decrease may indicate short-term speculative trading rather than underlying weakness.
The decline in exchange outflows, meanwhile, might mean that traders are holding onto their assets instead of selling them.
Nevertheless, it points to a balance in which neither buyers nor sellers have a clear advantage in the absence of a matching price surge.
The market is still volatile even if the data shows that the XRP Ledger is seeing a lot of activity.
It needs to be seen if this increased participation results in further consolidation or a future price rebound.
