The market for cryptocurrencies has been seeing a downward trend recently, as the total crypto market cap dropped 2% overnight. Among the cryptocurrencies, Bitcoin (BTC) has been feeling the effects the most due to it's position as the industry leader. Its price is currently valued at $27,650.23 with a 0.92% decrease. Prominent market analyst Ali Charts has predicted a potential decline in Bitcoin's price by 5%, based on the breakdown of a symmetrical triangle from its two-hour chart. As suggested in the chart, he believes that the price may drop to $26,200 from the current level.

The current market condition indicates a bearish market situation. Altcoins have suffered an even bigger impact with the decreasing prices, making Bitcoin even more dominant in the market as its market cap stays above the 50% mark.

Fortunately, there are still strong reasons to believe that Bitcoin will make a comeback in the near future. Events like the upcoming Bitcoin halving and possible approval of Bitcoin ETF are two of the most promising factors that could drive Bitcoin to setting multiple new highs.

In the long-term, Bitcoin is still seen to remain the most profitable asset for investors due to its strong fundamentals. Despite the current decline, many remain confident in their belief of the digital currency's bullish potential.



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