"Alaaa chill, even before this, BTC suddenly made a sudden movement, like it's not used to."
The price of cryptocurrency king Bitcoin (BTC) continued its plunge up to $62,965 after indicators tracked by analytics firm Santiment showed public sentiment for BTC now in a fourth week of extreme negative reading.
By observation, the price of BTC has been affected in the past few weeks amid $1 billion selling from large holders plus the strength of the United States (US) dollar and the strong technology index market that managed to attract a large amount of money from investors.
Outflow activity from US-listed spot BTC ETFs that hit their worst level since late April 2024 also sparked BTC's fall, with the product seeing $900 million in outflows so far this week.
There is no denying that the long-term outlook remains bullish, but some traders expect the price of BTC to reach $60,000 in the near future due to the lack of growth catalysts.
However, traders are now preparing to watch the US Gross Domestic Product (GDP) data on Thursday this week and the PCE inflation data on Friday which could trigger volatile movements even if the BTC price could fall below $60,000 or $57,000.
Crypto market analysts strongly believe BTC's correction may continue until the end of summer 2024, so the next massive price increase is expected to start around September 2024 amid key activities such as the US election.
It should be noted that most of the selling pressure witnessed by altcoins has come from venture capital funds that realized profits through their initial investment in projects launched over the past few months.
As of this writing, BTC price has plunged by 20.29% to $63,126 in the last 24 hours with a market cap of $1.2 trillion and has recorded a 4.96% decline over the past week.
