Here’s What Would Happen If The Bitcoin Price Fell Below $58,000
18 Aprile 2024 - 6:30PM
NEWSBTC
Crypto analyst Crypto Rover has provided insights into what could
happen if the Bitcoin price drops below $58,000. The flagship
crypto has continued to suffer price declines lately and risks
dropping to that price level if it manages to break the crucial
$60,000 support level. What A Drop Below $58,000 Would Mean
For The Bitcoin Price Rover mentioned in a video on his YouTube
channel that Bitcoin dropping below $58,000 would mean a breakdown
for the flagship crypto token. He, however, quickly added that
there’s still a lot of liquidity in the market, which he believes
Bitcoin can take in and help drive its price back above $60,000 if
the drop below $58,000 happens. Related Reading: XRP Price
Set For 3,000% Rally To $22, Analyst Predicts He sounded optimistic
about Bitcoin’s quick recovery if it dropped below $58,000. He
revealed that he would not close his positions but rather open
millions of dollars long positions if the flagship crypto dropped
between $57,000 and $60,000. Meanwhile, Crypto Rover revealed that
Bitcoin is still in the middle of a “gigantic and enormous
consolidation phase” and that Bitcoin will have a “massive
breakout” when this consolidation period ends. For now, he
highlighted that Bitcoin’s top side is still trending downwards
while Bitcoin’s low side is trending upwards. Therefore,
Crypto Rover claimed this is causing a “compression” in Bitcoin’s
price. However, once this compression ends, Bitcoin will come out
with a “banger,” the analyst added. Crypto Rover then alluded to
the funding rates, which are currently negative. He noted that
historically speaking, negative or low funding rates are always a
Bitcoin buying opportunity. The Big Gains Are Yet To Come For
BTC Crypto Rover also noted that the majority of Bitcoin’s gains
always come after the Bitcoin halving and not before. As such,
despite the crypto token rising to a new all-time high (ATH) before
the halving, the analyst asserted that “what we have seen so far is
nothing for what we are about to be getting.” Related Reading: XRP
Whales Are On The Move Again, But Are They Bullish Or Bearish? He
suggested that the halving event would be the catalyst for
Bitcoin’s rise to $100,000, mainly because it would create more
scarcity. This would undoubtedly help increase Bitcoin’s value,
especially if its demand continues to skyrocket. However, such a
price surge might not come immediately, considering that Bitcoin’s
price tends to increase 6 to 12 months after the halving.
Hannah Phung, a lead analyst at on-chain analytics platform
SpotOnChain, also recently made that observation, although she
admitted that things could be different this time around, as this
market cycle looks to be more different and mature than past
ones. At the time of writing, Bitcoin is trading at around
$60.900, down almost 5% in the last 24 hours, according to data
from CoinMarketCap. BTC price recovers above $62,000 | Source:
BTCUSD on Tradingview.com Featured image from PYMNTS, chart from
Tradingview.com
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