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<img width="1320" height="744" src="https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC.jpg" class="attachment-full size-full wp-post-image" alt="a" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC.jpg 1320w, https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC-1224x690.jpg 1224w, https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC-768x433.jpg 768w, https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC-150x85.jpg 150w" sizes="(max-width: 1320px) 100vw, 1320px">
Bitcoin (BTC) price is on a downtrend as the broader digital currency ecosystem has taken a dramatic and bearish turn. Bitcoin is down 5.09% at the time of writing, a slump that comes despite the obvious bullish fundamentals that surround the market at this time.&nbsp; 
<h2 id="strong-bitcoin-btc-price-slump-opportunity-in-disguise-strong">Bitcoin (BTC) Price Slump: Opportunity in Disguise</h2> 
Bitcoin is fast losing its gains with price pegged at $35,774.80, breaching the $36,000 support zone for the second time this week. Despite the negative impact this current price slump is poised to cause, this speedy downward spiral in Bitcoin (BTC) price is considered room to accumulate according to top market analyst, CrediBULL Crypto. 
Based on his previous analyses, CrediBULL Crypto has always projected an imminent retest of the <a href="https://coingape.com/bitcoin-btc-price-consolidates-as-analyst-predicts-next-stop/">local bottom </a>at the $34,600 level. While the downward spiral has not touched this level yet, the underlying thesis behind the forecast has been validated with the current outlook. 
<img decoding="async" class="aligncenter size-full wp-image-164651" src="https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC-Price.jpeg" alt="Bitcoin (BTC) Price" width="4096" height="2137" srcset="https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC-Price.jpeg 4096w, https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC-Price-300x157.jpeg 300w, https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC-Price-1224x639.jpeg 1224w, https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC-Price-768x401.jpeg 768w, https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC-Price-1536x801.jpeg 1536w, https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC-Price-2048x1069.jpeg 2048w, https://coingape.com/wp-content/uploads/2023/11/Bitcoin-BTC-Price-150x78.jpeg 150w" sizes="(max-width: 4096px) 100vw, 4096px"> 
According to the analyst, most of the profit-taking is systemic and can be traced back to the long positions that have built up extensively in the past few days. He revealed in a video analysis that with short sellers squeezed out of the market, a logical pullback is imminent. 
Data from CoinGlass lends credence to this thesis as a total of $217.79 million has been <a rel="nofollow" href="https://www.coinglass.com/LiquidationData">liquidated</a> from the market in the past 24 hours from over 77,200 traders. Bitcoin’s liquidation figures within this time come in at $61.42 million comprising mostly of long traders. 
This downtrend in Bitcoin (BTC) price is not permanent as CrediBULL Crypto believes now is the time for Bitcoin price to “bounce.” 
<h2 id="strong-altcoins-get-in-the-mix-strong">Altcoins Get in the Mix</h2> 
Altcoins did not fare better in the grand scheme of things as Ethereum (ETH) dropped as low as 4.2% to $1,962.13 overnight. The contagion is quite strong seeing Ethereum rallied earlier in the day <a href="https://coingape.com/blackrock-files-for-spot-ethereum-etf-eth-price-to-rally/">following the news</a>&nbsp;of the BlackRock iShares Ethereum Trust application with the United States Securities and Exchange Commission (SEC). 
The <a href="https://coingape.com/crypto-market-selloff-heres-why-btc-eth-xrp-sol-fell-after-blackrock-ether-etf-news/">drop in altcoin prices</a>&nbsp;is reflective of how strongly dependent most altcoins are on Bitcoin (BTC) price. Solana (SOL) 6.89% to $61.61, Cardano (ADA) has dropped 1.73% to $0.3703, and XRP has pared off its earlier gains with a 4.65% drop to $0.6177. 
One good news is that any future recovery in Bitcoin price will also likely stir an encompassing altcoin recovery, a trend the market can bank on. 
The post <a rel="nofollow" href="https://coingape.com/bitcoin-btc-price-dramatically-slumps-top-analyst-identifies-opportunity/">Bitcoin (BTC) Price Dramatically Slumps, Top Analyst Identifies Opportunity</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Bitcoin (BTC) Price Dramatically Slumps, Top Analyst Identifies Opportunity

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