Global sell-off has not left any of the top performing assets including cryptocurrencies.The current correction even may imply a far deeper price decline for the largest crypto. The sell-off has been triggered across the globe owing to inflation worries as well as surging delta variant cases in Europe.
At the time of writing this copy, Coindesk suggested bitcoin price to cost at $29,701 (down 6.62%), Cardano tumbled by over 10%, Ripple down by 9.5%, Dogecoin also fell by 8.59%.
The blockchain news outlet which has assimilated the list of top 20 cryptoassets were all trading lower, with maximum drag on the 14.5% on the Polkadot, followed by lowering in Algorand and Chainlink which dragged by over 12%. The ongoing correction in bitcoin is primarily owing to China crackdown on cryptoassets.
Bitcoin price forecast
"I am expecting a strong dip towards $22K," said Patrick Heusser, head of trading at Crypto Finance AG, in a telegram interview on Monday.Senior market analyst at Oanda.said that bitcoin could be vulnerable to a flash crash towards the $20,000 level which "should attract many institutional buyers that have been waiting patiently on the sidelines".If the stock market selloff intensifies, bitcoin and Ethereum will easily extend their declines," said Moya.
In mid April bitcoin hit an All time high price of sub $65K.