Bitcoin Price to Drop More Before Hitting New High Post Halving
The post Bitcoin Price to Drop More Before Hitting New High Post Halving appeared first on Coinpedia Fintech News
As cryptocurrency enthusiasts prepare for the TOKEN2049 event in Dubai amid heavy flooding, Bitcoin’s (BTC) price has continued to signal midterm weaknesses. According to the latest market data, the flagship coin has slipped around 3 percent in the last 24 hours to trade at about $62,366 on Wednesday during the early New York session.
Furthermore, the cryptocurrency market recorded minor outflows of about $126 million last week, fueled by the GBTC’s daily selloffs. With the fourth Bitcoin halving less than three days from happening, overall crypto volatility is expected to remain high.
Bitcoin Halving Impact
The heightened demand for Bitcoin from institutional investors will worsen the demand vs supply shock after the upcoming halving. According to a popular crypto analyst alias PlanB, all Bitcoin price increases will again be around the halving impact. As a result, the crypto analyst has set a price target of at least $100k by the end of this year and over $300k in 2025.
Bearish Outlook Before Rebound
#Bitcoin is experiencing normal correction as it always did every halving month in preparation for cycle top.
Currently, it is displaying the kind of Wyckoff re-accumulation range it did in Dec 2023 that led to $73k in 2024.
1/5 pic.twitter.com/mBAfjr27IT
— Mikybull
Crypto (@MikybullCrypto) April 17, 2024
According to a reputable crypto analyst alias Mikybull Crypto, Bitcoin price is likely to retest the support level of around $59k in the coming weeks before rebounding to a new high. Moreover, the daily Bitcoin’s Relative Strength Index (RSI) has been forming a bearish divergence amid the ongoing horizontal consolidation.
The crypto analyst noted that Bitcoin’s Open Interest (OI), and funding rate have been at lower levels since the beginning of the year. With a possible $2.2 billion crypto liquidation if Bitcoin price drops to $57k, the crypto analyst is confident of a strong bullish implosion after the halving event.
