Bitcoin (BTC) Price Prediction: BTC/USD Tumbles Below $60K, Will the Real Correction Begin?

The majority of the crypto prices today are trading in red as per the crypto heat map data. The market has failed to maintain the momentum it generated on August 14 when the price of Bitcoin peaked at $61k.

Majority of the crypto prices today are trading in red as per the crypto heat map data. The market has failed to maintain the momentum it generated on August 14 when the price of Bitcoin peaked at $61k.

As a result, the total market cap has declined by a significant 3.49% to $2.06 trillion. Even though some bullish moves have been recorded over the last day, particularly the recent BTC purchase by Marathon Digital, it has not been enough to catalyze an upswing in the price of the asset.

Meanwhile, the general market sentiment remains low as the crypto fear and greed index data returns to the “fear” zone at 29 points.

Top Crypto Price Updates

The price of Bitcoin has plummeted over the last day, dropping by a notable 4.17% to change hands at $58,368. However, its market cap has recorded an increase of 14% within the time, illustrating increasing selling activities among traders and investors.

Popular investor Fred Krueger predicted the price of Bitcoin to reach $1 million within the next U.S. presidential cycle if inflation figures increase.

This bullish statement signals confidence on the part of investors even though the price of the asset is struggling to maintain a position above $60k. Meanwhile, Bitcoin ETF recorded negative flows as of Aug 14, a -$81.36 million daily total net inflow according to Soso Value data.

Similarly, Ethereum, the second-largest cryptocurrency has joined the downtrend. Per CoinMarketCap data, the price of ETH was down by 3.79% at the time of writing, trading at $2,621.

Ethereum has failed to reclaim the $3,000 mark since it fell below it during the market crash on Aug 5. Moreover, Ethereum has seen bottoms and tops of $2,603.59 and $2,760 in the last day with a daily total net ETF inflow of $10.77 million.

Other Altcoin Prices

Solana is not left out of the crash. Per CMC data, the price of SOL dropped by 1.69% in the last 24 hours to trade at $143.21. In addition, Solana saw a low and high of $141.42 and $151.28 respectively.

Also, Binance Coin (BNB) lost 1.26% of its value to rest at $520.35, maintaining a bottom and top range of $514.63 and $531.37 respectively. Toncoin’s (TON) momentum has ended.

The price of Toncoin (TON) declined by 2.71% to $6.63 as of writing, having one-day lows and highs of $6.63 and $7.22.

In the memecoin sector, Dogecoin (DOGE) and Shiba Inu (SHIB) collapsed in the last 24 hours. While DOGE dropped by 2.48%, SHIB plummeted by 1.51%. Consequently, DOGE and SHIB changed hands at $0.103 and $0.00001359 respectively.

Meanwhile, the proof-of-work crypto coin Kaspa (KAS) saw a 1.82% decline in value at the time of writing to rest at $0.1663. The 22nd-largest cryptocurrency maintained a trading range between $0.1647 and $0.1733 in the last 24 hours.

Top Trending Crypto Gainers Today

Baby Neiro Coin (BABYNEIRO) skyrocketed by 89.72% to reach $0.00006827

MovieBloc (MBL) surged 11.53% to $0.002886

SuperRare (RARE) gained 6.39% to $0.0874

Threshold (T) moved up by 5.80% to $0.02388

Aave (AAVE) added 5.30% to $104.95

The global market has lost its previous momentum and has crossed mid-week on a bearish note. While the sentiment surrounding the market remains low, it will be interesting to see how it plays out and ends the week.