Bitcoin plummets after record high; altcoins follow suit
Bitcoin just hit a new all-time high of $123,091.6, but then quickly slipped back to $117,466 on Tuesday—a 4.6% drop as some traders cashed out their gains.
Even with this dip, experts say the long-term outlook for Bitcoin is still strong thanks to steady interest from big investors and solid market data.
Bitcoin shows healthy consolidation before next leg up
Massive ETF inflows—$3.4 billion in July alone—helped push Bitcoin up, though a quick $100 million outflow on Monday caused the recent wobble.
Analysts spot a bullish "inverse head and shoulders" pattern forming and see key support at $113,000. As one CoinSwitch analyst put it, they see this as a healthy consolidation phase before the next leg up.
Meanwhile, altcoins like Ethereum and Solana also took hits, but overall crypto market value is still at an all-time high.