The crypto market has entered a correction phase, with Bitcoin falling to $96,000 and triggering $1.76 billion in liquidations over the past 24 hours. Concerns about Google’s quantum chip, combined with unfulfilled expectations of an altcoin season, are among the factors driving this downturn. Despite the drop, analysts predict Bitcoin could reach $113,739 by the end of 2024, hitting a new all-time high.
What’s Behind the Crypto Market Correction?
The recent pullback in Bitcoin and altcoins has left investors questioning the causes. Several key factors are believed to have contributed:
- Profit-Taking: After weeks of record highs, investors are cashing out their gains, increasing sell pressure across the market.
- Quantum Computing Concerns: Google’s Willow quantum chip has raised fears about potential risks to blockchain security, impacting market confidence.
- Altcoin Season Expectations: Bitcoin’s inability to sustain the $100,000 level fueled hopes for an altcoin rally, but the lack of movement created uncertainty instead.
Data from CoinGlass highlights that the largest liquidation occurred on Binance, with an ETH-USDT trade worth $19.69 million.
What’s Next for Bitcoin and Altcoins?
Experts suggest this dip may be a temporary correction. According to CoinCodex, Bitcoin is projected to reach $113,739 by the end of 2024, setting a new all-time high. Meanwhile, strong altcoins like Solana (SOL), Binance Coin (BNB), and TRON (TRX) are expected to lead the recovery.
Looking ahead, the potential reelection of Donald Trump in the U.S. could bring clarity to crypto regulations, including the appointment of a “Crypto Czar.” These developments may pave the way for stronger, long-term market growth.
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