Cryptocurrency markets have plummeted on Friday, following renewed inflation fears.

Crypto traders are closely following the analysis of Bitcoin (BTC) and altcoins as renewed inflation worries sparked a downturn in cryptocurrency markets on Friday.

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What Traders Are Saying: Bitcoin investor Ted Pillows highlighted a bullish falling wedge on BTC's chart, despite noting that he expects a final drop to $74,000 before any rebound. A weekly close above $89,000 would confirm a bullish breakout, in his opinion.

"Expecting one final drop to $74k before we finally begin to rise again. A weekly close above $89k would be the final confirmation we need to see for this bullish breakout," Pillows said.

Expecting one final drop to $74k before we finally begin to rise again. A weekly close above $89k would be the final confirmation we need to see for this bullish breakout.