2024

United

Bitcoin

April

Spot

The price of Bitcoin has been on a massive bullish momentum since the <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-sec-approves-all-11-spot-bitcoin-etfs-btc-price-holds-steady-at-46000/" target="_blank" rel="noopener noreferrer nofollow">approval and launch of Spot Bitcoin ETFs</a>. However, a crypto analyst, Jason Pizzino, predicts a temporary halt in the growing trajectory, citing Bitcoin’s proximity to a crucial resistance point that could result in a significant price drop.&nbsp;
<h2 id="b-analyst-foresees-bitcoin-price-correction-b">Analyst Foresees Bitcoin Price Correction</h2>
In a recent <a href="https://youtu.be/dDKOIRktFfs?si=Faubka_BCOA3FwpA" target="_blank" rel="noopener noreferrer nofollow">YouTube video</a> published on Friday, January 12, Pizzino shared his insights into the current <a href="https://bitcoinist.com/bitcoin-market-cap-3-3-trillion-esg-fund-inflows/" target="_blank" rel="noopener noreferrer nofollow">market conditions of Bitcoin</a>, the world’s largest cryptocurrency. According to the analyst, the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-stalls-record-etf-day-heres-why/" target="_blank" rel="noopener noreferrer nofollow">price of </a>the top crypto is expected to drop by 20% to 22%, reaching possible support levels of $37,000 to $39,000 before the Bitcoin halving.&nbsp;
The <a href="https://www.newsbtc.com/news/bitcoin/when-is-the-next-btc-halving-date-bitcoin-halving-guide/" target="_blank" rel="noopener noreferrer nofollow">halving</a> which is expected to take place in April 2024 is an event that would see Bitcoin mining rewards cut by half to reduce the number of new coins entering the market. This reduction effectively decreases the cryptocurrency’s <a href="https://bitcoinist.com/bitcoin-supply-shock-57-of-btc-hasnt-moved-2-years/" target="_blank" rel="noopener noreferrer nofollow">total supply</a> and supposedly increases its value through scarcity.&nbsp;
Pizzino substantiated his predictions by pointing out that BTC is currently trading at a key resistance level in the bull market that could result in a significant price correction. He acknowledged that the excitement surrounding <a href="https://www.newsbtc.com/news/analysts-crystal-ball-bitcoin-price-targets-600000-after-etf-approval/" target="_blank" rel="noopener noreferrer nofollow">Spot Bitcoin ETFs</a> has successfully pushed the cryptocurrency to its recent highs. However, the crypto analyst also highlighted a possibility of complacency following the present hype which could lead to a major <a href="https://bitcoinist.com/crypto-founder-predicts-30-to-40-bitcoin-price-correction-if-sec-approves-etf/" target="_blank" rel="noopener noreferrer nofollow">price correction.&nbsp;</a>
While the crypto has experienced an impressive uptrend in recent months, Pizzino emphasized the significance of understanding historical price patterns and market behaviors. He stressed the importance of being prepared for any potential correction or retracement in the price of Bitcoin.&nbsp;
<h2 id="b-btc-plunges-below-42-000-b">BTC Plunges Below $42,000</h2>
Following the official approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (<a href="https://www.newsbtc.com/bitcoin-news/former-sec-chair-affirms-nothing-left-to-decide-bitcoin-etf-approval-imminent/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>), the price of Bitcoin has been skyrocketing. The cryptocurrency <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggles-below-48k/" target="_blank" rel="noopener noreferrer nofollow">surged to $49,000</a> on Thursday, January 11, after Spot Bitcoin ETFs had launched and investors had started trading officially.&nbsp;
However, Bitcoin’s price experienced a massive downturn recently after news of <a href="https://bitcoinist.com/vanguard-bitcoin-spot-etfs/" target="_blank" rel="noopener noreferrer nofollow">Vanguard</a> restricting its customers from trading Spot Bitcoin ETFs on its platform spread. As a result, the cryptocurrency experienced a <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-price-suffers-post-spot-etf-blues-drops-7-to-43200/" target="_blank" rel="noopener noreferrer nofollow">price drop</a> below $42,000, falling more than $7000 short of its 2024 peak of $49,000.&nbsp;
Presently, the coin has recouped some of its lost gains and at the time of writing it’s current trading price is at $43,158.52 according to CoinMarketCap. While the dip is perceived as a temporary setback for the crypto market, it is also regarded as an opportunity to enter the market at more affordable price levels.&nbsp;
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Here Are The Reasons Bitcoin Price Could Drop To $37,000 Before The Halving

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