While the cryptocurrency market witnessed significant declines in the last 24 hours, an experienced analyst warned of the possibility of further drops.
Starting with Bitcoin, there were significant pullbacks in the cryptocurrency market in the early hours of March 15. Bitcoin witnessed a drop of approximately 8% in the last 24 hours, while Ethereum saw a drop of 8.2%.
Senior market analyst at FxPro, Alex Kuptsikevich, warned in an email to CoinDesk Global, focusing on the reasons behind the declines and cautioned that the correction may deepen.
Pointing to many investors profiting from reaching new highs, Kuptsikevich reminded that this brought along selling pressure.
He also said that with the increase in the number of investors reluctant to buy at high levels and those waiting for a deeper correction to buy, the price could drop to 60-65 thousand dollars:
New historical highs act as a trigger for sales. Some players make a profit, which raises the question of whether there will be enough hot buyers at current levels or whether the majority will prefer to wait for a deeper correction. In a corrective scenario, the areas of 60,000-65,500 dollars are particularly interesting, as they include important round levels (important for individuals) and 76.4% and 61.8% Fibonacci retracement lines.
