Following a Christmas rally for the crypto market which saw the price of bitcoin surge past $51,000 on Friday, the cryptocurrency has dropped below $48,000 on Wednesday.
BTC has plunged by over 3.5 per cent in the last 24 hours with no signs of recovery yet.
The overall crypto market has also mirrored bitcoin’s price drop, dropping in value by over 3.5 per cent in the last day.
Other top cryptocurrencies, including Ethereum (ETH), solana (sol), and cardano (ada) have also plunged in value by over 3 per cent in the last 24 hours.
ETH dropped below $4,000, and is down by over 6 per cent compared to its value a week earlier.
The rally reinforced predictions by some analysts, who remain convinced that BTC is still within a long-term bull cycle. Pseudonymous analyst PlanB stood by his price prediction model that puts bitcoin on track to hit six figures within the next few months, before the market finally sees a sustained period of price correction.
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