The crypto market is facing headwinds as bearish sentiments grow ahead of September, a historically bearish month for the asset class. Many experts are predicting a market selloff that could send the total valuation of the crypto and altcoin market below $1 trillion.
Despite the bearish outlook, on-chain data reveals that institutional funds are steadily flowing into the market. Just last month, an address holding more than $3 billion worth of Bitcoin was traced back to Robinhood Markets, a major US securities trading platform. This suggests that institutional investors are still interested in the crypto space, even amid the current volatility.
Bitcoin Price Predictions
Blockchainedbb, a prominent crypto analyst on the X platform, believes that the crypto market is on the cusp of a significant buying opportunity. The analyst anticipates a drop in the Bitcoin price to a range between $19,000 and $21,000 in the near future. However, Blockchainedbb does not foresee Bitcoin falling below $18,000 again.
Altcoin Price Predictions
The analyst also anticipates a similar trend in the altcoin market, with Ethereum poised to drop by approximately 23%. Ethereum’s price is expected to range between $1,000 and $1,200 in the coming weeks. The analyst has also issued price targets for select altcoins, including Solana (SOL) at around $10, OCEAN at $0.20, Ripple’s XRP at 40 cents, TRIAS at $2.90, and Elon Musk-backed Dogecoin (DOGE) at $0.04.
You Never Know, Though!
It’s worth noting that the crypto market has displayed a propensity for sudden upswings, even amidst bearish sentiments that have led to mass trader liquidations. Therefore, investors should be prepared for both potential downside and upside volatility in the coming weeks.