Bitcoin has once again pulled the broader crypto market into a bearish phase, continuing its volatile trend. Over the past 24 hours, Bitcoin dropped to just above $95K after reaching a high of $99,507 on Saturday. Notably, this rally toward $100K followed a sharp drop to $92,170 on Friday.
While the recovery had sparked optimism among traders, the latest correction has brought Bitcoin back down, altering market sentiment. Expectedly, this dip has had a ripple effect on the altcoin market.
XRP, Solana, ATH, FIL, and RNDR in Bearish Market
For example, XRP fell back to $2.18 after briefly recovering to $2.34 on Saturday. Similarly, Solana dropped to $178 from $196 just the day before. Other altcoins, such as Aethir (ATH), Filecoin (FIL), and Render (RNDR), have also experienced similar declines.
This downturn has reignited concerns in the market, with traders increasingly fearing that the recovery is out of reach. Social media sentiment metrics, reported by market intelligence firm Santiment, reflect an overwhelming amount of negative commentary surrounding Bitcoin.
The firm highlighted that Bitcoin’s recent decline has pushed crowd sentiment to its most pessimistic point of the year. The heightened level of FUD could be a contrarian signal for seasoned investors. Historically, such negativity has often been followed by price surges.
Altcoins and Bitcoin Set for Historic Rebound
For example, in early July and August, significant market pessimism was followed by price increases of 17.2% and 14.3%, respectively. This pattern suggests that the current negative sentiment could be setting the stage for a potentially historic comeback.
While many traders remain anxious about further losses, experienced investors might view this uncertainty as a potential opportunity. If Bitcoin follows its historical trend, we could soon see a rally across the altcoin market, potentially boosting XRP, Solana, Aethir, Filecoin, and Render as part of a broader recovery.
Price Targets for XRP and Solana
According to numerous market watchers, XRP could rally to between $4 and $5 when the bull momentum returns. Notably, XRP would attain this price range following a 120% price surge. Likewise, for Solana, market participants expect SOL to reclaim its all-time high of $265 and commence a journey into price discovery.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Read the full article here
