Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 2787
Markets: 83325
CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
Market Cap
24h Vol
2787
Cryptocurrencies
52.65%
Bitcoin Share
NewsBTC 2024-04-03 16:30:37

Bitcoin At Crossroads Ahead Of Halving: Will BTC Fall To $53,600?

Bitcoin At Crossroads Ahead Of Halving: Will BTC Fall To $53,600?

Bitcoin prices are volatile, recently dropping from the peak of over $73,000 in March to the current spot levels. Analysts are turning to historical data for insights with mounting selling pressure and some investors being concerned about potential short-term losses. This historical analysis is crucial in determining whether we’ve reached a market top or if this is just a temporary pause before the trend resumes. Will The Depth Of This Correction Depend On This? In a post on X, one analyst said the depth of the current correction will largely depend on whether Bitcoin is “parabolic” or not. Whenever an asset registers “parabolic” prices, it means valuation has increased sharply, and, at some level, analysts think it is unsustainable. In that case, prices tend to cool off later, but after key resistance levels and even all-time highs have been broken. If this is the case, then the current cool-off could suggest the formation of a potential “first cycle top” at the March 2024 all-time high of $73,800. Related Reading: Bitcoin ETF Outflows Are Ramping Up Again, What Does This Mean For BTC Price? This formation will be similar to those seen in April 2013 and 2021. However, in another scenario, traders should expect a different arrangement, assuming the recent price growth wasn’t unsustainable or parabolic. Assuming this is the case, Bitcoin will likely continue bleeding and revisit established support levels. The analyst predicts a possible correction to as low as the $53,600 support in the coming sessions. This retracement, the analyst continues, will allow the formation of a “smoother curve like 2016 – 2017.” The Influence Of Bitcoin Halving Aside from this assessment, another analyst is roping in the concept of the Bitcoin pre-halving cycle. Usually, and looking at historical formations, prices tend to collapse leading up to the halving event, which is set for the third week of April. In a post on X, the analyst said the current rejection and the failure of bulls to push prices higher suggest that the coin might consolidate between $60,000 and $70,000 in the coming weeks. Bitcoin continues under pressure and will likely register even more losses in the days ahead. Based on the daily chart formation, BTC prices are trending below the middle BB. Notably, it is finding strong rejection from the $71,700 zone. Related Reading: Canine Comeback? KNINE Brushes Off 50% Loss, Gets Listed On Major Exchange Even though the uptrend remains, buyers will only be in control should prices rise, reversing current losses, preferably with increasing participation levels. Feature image from DALLE, chart from TradingView

Most Read News

Market Cap
24h Vol
52.65%
Bitcoin Share
284
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.