Bitcoin To $73,000? Crypto Trader Makes Shocking Projection as Fear Grows

A Bitcoin (BTC) trader has projected a looming bear phase for the asset before a subsequent rebound. Market analysts expect sideways trading for the crypto market leader in March despite stints of whale activities. A plunge below the current support level will lead to a massive inflow to altcoins despite recording their share of losses. At the time of writing, the wider market seeks to make a general rebound gaining 5.6% in the past 24 hours.

Will Bitcoin Plunge to $73K?

In a recent analysis, Egrag Crypto noted that Bitcoin’s price may drop to $73K before April 1 due to recent bear patterns. According to him, studies on the charts show a Bearish Engulfing Candle pattern that could heighten sell pressures. Recently, Bitcoin’s price suffered a major dip, dropping below $80,000 for the first time in three months.

As a result, the market recorded a massive outflow of institutional and retail holders as traders repositioned assets to mitigate losses. Although the price reclaimed $85K, Egrag Crypto wrote that bear sentiments could lower it below the $80K zone and possibly down to $73K by April.

“BTC: $73K by April 1st Before the Final Leg Up!

I sometimes take risks with time predictions , but I believe it’s worth sharing, even if it could backfire! Currently, #BTC is forming a potential Bearish Engulfing Candle on the 3-day time frame. This could trigger further downside to $80.5K and possibly reach $73K near the blue channel in April.”

Bitcoin’s price has faced several headwinds in recent weeks, with institutional outflows a major setback. Last week, BTC funds recorded $2.5 billion in outflows, marking a third consecutive week of losses. This month, top crypto has seen outflows surpass $630 million, lowering market sentiments.

Altcoins To Gain More Traction?

Recent woes in BTC’s price have affected the Bitcoin dominance ratio, with altcoins notching slight gains. This has fueled optimism for an altcoin season in Q1 2024. This week, XRP whales ramped up accumulations as bulls eye a major rebound. XRP reclaimed $2.50 at press time, moving up 3% today.

Ethereum price also moved in a similar direction after a major slip. Cardano and Solana recorded 4.2% and 2% gains in the same timeframe while meme coins posted double-digit inflows.