Over $140 billion has exited Bitcoin markets within the past seven days.
As Bitcoin markets start to form another daily red candle, its market capitalization has dropped back below $1 trillion after again.
The next major correction in the current bull market is deepening and costs are already down 12.5% from their all-time high of $60,100 on March 13.
According to CoinGecko, the BTC market capitalization has become $980 billion, with dropped $140 billion over the previous seven days because last Thursday, March 18.
The move comes just a few days after analyst Willy Woo predicted that its total capitalization wouldn’t fall back below these levels again.
“$1T is already firmly supported by investors. I would say there is a fair chance we’ll never see Bitcoin under $1T again.”
The BTC market cap first surpassed a trillion dollars on Feb. 19 but didn’t stay there long, falling back below it after only four days. The next time it awakened ten figures was on March 9, and it stayed above the landmark level until the current slump.
The entire market capitalization for its whole crypto ecosystem is currently $1.65 trillion according to CoinGecko. It’s fallen by 9.8 percent, or $180 billion since Monday, March 22.
Gain taking might be a big element in this pullback, as suggested by analyst Josh Rager who stated that unrealized profits aren’t realized until they are in the lender.
With regard to MicroStrategy CEO Michael Saylor whose company has been buying Lots of Bitcoin this season, he added:
“Do not try to act like Saylor will not take profits , cause he will along with each other finance on Earth. Then they’ll get lower”
According to Cointelegraph, there are a number of signals that the pullback could continue. Analytics supplier Glassnode employed the risk book metric, which assesses the confidence of long-term holders relative to the cost of Bitcoin, to suggest conditions are like the next half or later stages of a bull market.
CryptoQuant, meanwhile, analyzed BTC flows to and from exchanges to forecast it would take some time to have another leg up in terms of demand/supply.
In the time of writing, Bitcoin was trading down 3.6% on the day at $52,350 since the FUD begins to seep back in the ecosystem.
