Bitcoin is encountering serious challenges in its quest to surpass the $88,000 level. The cryptocurrency market is feeling the strain from various global economic happenings, including inflation data and possible shifts in U.S. monetary policy. A leading cryptocurrency forecaster has painted a bleak picture, indicating that if current trends persist, altcoins might also undergo significant drops.

Recent occurrences, such as a pivotal high court ruling and Japan's expected interest rate hike, are fueling negativity surrounding cryptocurrencies. The convergence of these elements has led to a dip in Bitcoin's risk appetite, resulting in a breach of its vital support level. Analysts suggest that Bitcoin may find it hard to uphold its value, with some predicting a tumble down to $76,000.