Is The Bitcoin Bloodbath Over? Analysts Say $60,000 Is The Cycle’s Bottom
22 Aprile 2024 - 3:30PM
NEWSBTC
Bitcoin enthusiasts around the globe can now breathe a collective
sigh of relief as the world’s premier cryptocurrency, Bitcoin,
rebounds from a recent downturn. Related Reading: Bitcoin Miners
Strike Gold: $107 Million Profit From Runes-Fueled Minting Spree
Last week witnessed Bitcoin, akin to the broader market, sliding
below the $60,000 mark, primarily due to risk aversion, the US tax
season, and escalating geopolitical tensions in the Middle East.
However, in a surprising turn of events, Bitcoin has not only
recovered but has surged past the $66,000 mark, reigniting optimism
and sparking discussions about its future trajectory. This recent
resurgence in Bitcoin’s price comes on the heels of a significant
price correction that coincided with April’s highly anticipated
Bitcoin halving event. The halving event, a recurring phenomenon in
Bitcoin’s protocol, entails a reduction in the rate at which new
Bitcoins are mined, effectively halving the supply. 20% drawdown
would fit the current bull’s pattern: pic.twitter.com/usNxQz1t92 —
Tuur Demeester (@TuurDemeester) April 18, 2024 Historically, this
event has been associated with heightened market volatility, as
some analysts feared that the supply shock could trigger a
prolonged sell-off. Nevertheless, prominent figures in the
cryptocurrency space, such as Tuur Demeester, offer a more sanguine
perspective. Demeester suggests that the recent dip to $60,000
might signal the floor of the correction, aligning with historical
patterns observed during bull markets. According to Demeester, a
20% drawdown from highs is considered a typical correction for
Bitcoin, and thus, there is a strong possibility that $60,000 could
serve as a support level moving forward. BTCUSD trading at $65,883
on the 24-hour chart: TradingView.com While Demeester advocates for
stability in Bitcoin’s price, anoother analyst, McKenna, foresee a
period of sideways movement. McKenna agrees with Demeester
regarding the $60,000 floor but predicts that Bitcoin may enter a
re-accumulation phase, characterized by prolonged sideways price
action. I think there is a high probability that the bottom for the
halving selloff is in but simultaneously think there is an equal
high probability that we are forming a re-accumulation range.
Meaning expect sideways price action for longer than expected. #BTC
pic.twitter.com/K24Md0TKXH — McKenna (@Crypto_McKenna) April 21,
2024 Interestingly, McKenna believes that this sideways movement
could present an opportune moment for alternative cryptocurrencies,
known as altcoins, to shine in the short term. Related Reading:
Will Celestia (TIA) Hit $130? Analyst Makes Bold Prediction The
recent resurgence in Bitcoin’s price has sparked optimism among
investors and analysts alike. As attention turns to May, all eyes
are on whether Bitcoin’s sideways movement materializes and if the
effects of the halving event truly dissipate. With cautious
optimism prevailing, the current price range between $60,000 and
$71,000 could become a pivotal zone for future price dynamics,
ushering in a new era of prosperity in the cryptocurrency markets.
Featured image from Pxfuel, chart from TradingView
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