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Bitcoin has experienced a 2% drop in the last 24 hours, following a 10% decline in previous days.
Altcoins, particularly Binance Coin (BNB), have also seen significant drops, causing widespread concern due to regulatory pressures and price decline.
Well-known altcoin analyst, Altcoin Sherpa, has suggested that BNB is currently in a re-test phase, which could paint a worrying picture.
In the last 24 hours, Bitcoin, the leading cryptocurrency, has seen a 2% drop. This is part of a larger 10% decline in recent days. Altcoins, especially Binance Coin (BNB), have also experienced significant drops, causing panic due to regulatory pressures and falling prices. Altcoin Sherpa, a renowned altcoin analyst, has suggested that BNB is currently in a re-test phase, which could indicate a worrying trend.
Alarming Outlook for Altcoins and BNB
Binance Coin USDT 4h Chart
As Bitcoin’s price has seen a sharp decline, other altcoins have experienced even more drastic drops. Binance Coin (BNB), in particular, has caused significant panic due to its steep drop and the anxiety resulting from regulatory pressures. Altcoin Sherpa, a well-known altcoin analyst, has added to these concerns with his recent statement that BNB is currently in a re-test phase, implying a pessimistic outlook. The analyst added to his chart with the phrase “scary things,” suggesting a potential continuation of the decline.
At present, BNB’s price is struggling to hold at $217, having fallen to $204. The analyst suggested that a return to $204 is possible, and if the $200 line is lost, the price could fall back to $170.
Altcoin Warning from Analyst
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Altcoin Sherpa also highlighted the scary side by pointing out the potential for a 40% decline. The analyst issued this warning to investors.
In a statement made on August 23, the analyst stated that the next rise will be in altcoins. He suggested that even altcoins at the bottom will recover, reminding everyone that all are tied to Bitcoin. According to the analyst, Bitcoin appears to be moving sideways at $26,000 and could move back to $30,000.
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Conclusion
With Bitcoin and altcoins experiencing significant drops, the crypto market is currently in a state of concern. Analysts like Altcoin Sherpa are keeping a close eye on the situation, providing insights and warnings to investors. As the market continues to fluctuate, it’s crucial for investors to stay informed and prepared for potential declines.
