Bitcoin price began a new downward trend after hitting resistance near $70,000. As a result, BTC experienced a decline exceeding 5.61%, which resulted in a breach below the critical support level of $67,500. Will Bitcoin price crash back to $50,000 before the upcoming Bitcoin halving? Let’s take a look at this Bitcoin price prediction Read the article in more detail.
>>Click here to buy Bitcoin<
Bitcoin Price Prediction: How has Bitcoin price moved recently?
As of the latest update, the Bitcoin price is $66,392, and the 24-hour trading volume is $59.51 billion. The market capitalization is $1.31 trillion and the market dominance is 51.80%. Over the last 24 hours, the Bitcoin price has fallen -5.61%.
Bitcoin reached its all-time high on March 14, 2024, reaching an all-time high of $73,628. Conversely, the all-time low of $0.050000 was recorded on July 17, 2010. Since reaching its all-time high, Bitcoin’s lowest price was $60,942 (cycle low) and its highest price was $71,646 (cycle high). The sentiment surrounding the current Bitcoin price prediction is neutral, with the Fear and Greed Index sitting at 79, indicating extreme greed.
Currently, Bitcoin’s circulating supply is 19.67 million BTC out of a maximum supply of 21 million BTC. The current annual supply inflation rate is 1.78%, with 343,788 BTC created last year.
>>Click here to buy Bitcoin<
Bitcoin Price Prediction: Could a Strong Correction Happen Again?
Bitcoin has struggled to establish stability above the $70,000 resistance threshold. After violating the $69,200 support level, BTC responded with a downward trajectory. This decline was further strengthened by a noticeable break below the $68,500 mark.
Afterwards, the price fell further below $67,000 and eventually began a downward trend, reaching a critical point near $66,000. A low was formed near $65,992, and the price is currently trying to begin a recovery phase. In particular, in this recovery attempt, there was a movement above the $66,800 level.
Within the daily period on March 31, Bitcoin price peaked at $70,763, up 17%, heading into the monthly close. Nonetheless, a recent statement from US Federal Reserve Chairman Jerome Powell has sparked optimism among Bitcoin traders and potentially fueled a head start for April 2024.
On Friday, March 29, Chairman Powell told reporters there was “no reason” to speculate that the risk of a U.S. recession had increased. This creates strong modification potential.
>>Click here to buy Bitcoin<
Bitcoin Price Prediction: Will Bitcoin Reach $80,000 Before Halving?
If Bitcoin proves unable to break above the $68,000 resistance area, the downward trajectory is expected to continue. Immediate support for the downtrend is expected near the $66,000 level.
The initial critical support level is $65,000 and subsequent support levels are $64,000. If there is a close below $64,000, the price is likely to decline towards the $62,500 threshold. Any further losses beyond this point could lead to a decline towards the $60,500 support area in the near term.
Analyzing the current trends and factors affecting the Bitcoin price, there are several indicators that suggest further upside is possible. Over the past year, Bitcoin has seen incredible growth, surging 140%. This impressive performance not only outperformed the majority of the top 100 crypto assets, but also outperformed its main competitor in the cryptocurrency market, Ethereum.
Moreover, Bitcoin price is currently trading above the 200-day simple moving average, indicating a bullish mood in the market. In addition, the number of green days out of the last 30 days was 17, accounting for 57% of the trading days, so positive momentum appears to be continuing.
Given Bitcoin’s high liquidity, evidenced by its significant market capitalization, there is ample room for significant price fluctuations. The current price of $66,657.13 highlights the strength and stability of the asset.
Considering these factors, it is reasonable to expect the Bitcoin price to continue its upward trend and reach $80,000 before Bitcoin halving in April 2024.
>>Click here to buy Bitcoin<
Buy cryptocurrency with Bitget with the lowest fees
Bitget stands out as a trustworthy cryptocurrency exchange. It offers a user-friendly interface so both beginners and experienced traders can easily navigate and trade with some of the lowest fees on the market. To get started with Bitget, you can create an account, complete the necessary KYC procedures, and then start trading the various altcoins available on the platform.
—> Click here to buy cryptocurrency <—
Featured Posts
You may also like