The market seems to be bleeding now, Bitcoin is only down by 8% at the moment but major altcoins are down double digit.
https://coinmarketcap.com/Will this be the start of the bear season?
We haven't witnessed a long and major dump this year yet, so seeing this might cause some panic especially on the altcoins holders as they are the ones who will significantly be affected since we know what would happen to altcoins if bitcoin struggles.
As per Binance exchange, the 24 hours low of bitcoin is $42500, so what's next?
https://www.binance.com/en/trade/BTC_USDTWe are not even below 40k so I do not think this is a sign to get worried, however I think there is a change that this is in fact a movement manufactured by the whales to scare people before the bull run that is coming at the end of the year.
If that is the case then there is a chance the price could go even lower and then they will buy all of those coins hitting the exchanges, and once that happens they could let the market finally do its thing, unfortunately it is impossible to know if this is true except by let the days go by and see what happens in the market.