Recently, a Bitcoin wallet has attracted notice by amassing a staggering 118,000 Bitcoins within a span of three months. This accumulation coincides with Bitcoin's current price correction, reminiscent of the dip following its mid-March all-time high. Investors are on edge, fearing the formation of a weaker peak post-recovery, leading to increased profit-taking in alternative cryptocurrencies.

In the altcoin arena, Avalanche (AVAX) has seen a setback, with its price slipping below the critical $50 breakout level. Despite earlier predictions of a potential decline to the $43 range, the current price hovers around $45. Should selling pressure persist, further drops to the $38-$31.5 range are anticipated.

Shiba Coin (SHIB) mirrors this downturn, losing ground as Bitcoin's timing proves unfortunate. Falling below the 20-day Exponential Moving Average (EMA) at $0.000028, SHIB finds support at $0.000026. Further decline could lead to a test of the 50-day SMA at $0.000023, while a resurgence to $0.000028 is essential for the uptrend's continuation.

TON Coin, associated with the messaging app Telegram, has retreated to the 20-day EMA at $4.63. A potential bounce could propel it to $5.69, but intensified selling may drive it down to $4.22. With weak ETF volumes and no anticipated positive surprises in the market sentiment, pressure persists, compounded by impending employment and wage growth data.

In conclusion, while Bitcoin's impressive accumulation garners attention, the altcoin market faces a tumultuous period marked by price corrections and uncertain trajectories. Investors brace for further volatility as they monitor developments across various cryptocurrency landscapes.