Bitcoin crashes to $67,000, further corrections expected: Bitcoin halving danger zone
Bitcoin’s trading price plunged 7% in a matter of hours as Bitcoin entered pre-Bitcoin halving risk territory.
Bitcoin (BTC) is currently trading at $67,548 and is down 7% over the last 24 hours. This is a very large correction for Bitcoin trading price amidst a bull market.
On March 14, 2024, cryptocurrency analyst Rekt Capital shared technical analysis of Bitcoin’s bull phase. Analysis shows that Bitcoin has entered the risk zone ahead of the Bitcoin halving, which will see a correction in Bitcoin trading prices.
Bitcoin’s trading price correction will occur for up to two to four weeks if Bitcoin follows the pattern of the last Bitcoin halving.
The maximum dump in the trading price of this highest market capitalization asset can be 30%.
Bitcoin Spot ETF and Results
In January of this year, the US securities regulator, the SEC, approved applications for 11 Bitcoin spot ETFs. All of these BTC ETF products are helping to bring massive amounts of money into the Bitcoin market quickly.
It is becoming easier for institutional investors to invest money in Bitcoin, as seen in the surge in trading volume for Bitcoin spot ETFs.
BlackRock’s Bitcoin spot ETF product has daily trading volume of $3.8 billion, which is itself a very large number for any digital asset product.
According to expert opinion, Bitcoin’s trading price will easily reach $120,000 this year, and the US presidential election will push Bitcoin’s trading price to another level as candidates are endorsing Bitcoin as part of their campaigns. It will always play an important role in raising electioneering.
Also read: El Salvador transfers Bitcoin holdings to “Bitcoin piggy bank”
