2024

Bitcoin

April

Standard

<div class="finbold">
 <p class="paragraph">Bitcoin (BTC) is striving to sustain its gains above the $50,000 mark as the maiden cryptocurrency seeks a new all-time high.&nbsp;</p>
 <p class="paragraph">While a substantial portion of the market anticipates Bitcoin to continue its bullish momentum, supported by catalysts such as the upcoming halving, another segment believes that the leading crypto is on the verge of a potential crash in the coming days.</p>
 <p class="paragraph">In particular, crypto analyst <em>Alan Santana</em>, in a <em>TradingView</em> post on February 16, suggested that Bitcoin is teetering on the edge of a significant decline following its recent valuation of $52,000, possibly marking a temporary peak.</p>
 <p class="paragraph">The analysis centered around identifying a higher high in Bitcoin’s recent performance, amplifying a pronounced bearish divergence with the daily Relative Strength Index (RSI).&nbsp;</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picked for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    R. Kiyosaki says 'don’t fight the Fed’, recommends what to do instead <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    3 cryptocurrencies to avoid trading next week <span class="self-center text-xs text-slate-500">19 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    4 cryptocurrencies under $1 to buy next week <span class="self-center text-xs text-slate-500">21 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Best life-changing cryptocurrency to buy in 2024 <span class="self-center text-xs text-slate-500">21 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">According to <em>Santana</em>, the session high on February 15 concluded with a Doji, a candlestick pattern indicating indecision, followed by a bearish start to the February 16 trading session.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="592" src="https://cdn.thebittimes.com/images/2024/02/17/9e41a037c5c0a9706dd062f5eecfdaeb.webp" alt class="wp-image-155623" srcset="https://cdn.thebittimes.com/images/2024/02/17/9e41a037c5c0a9706dd062f5eecfdaeb.webp 1024w, https://cdn.thebittimes.com/images/2024/02/17/9e41a037c5c0a9706dd062f5eecfdaeb.webp 300w, https://cdn.thebittimes.com/images/2024/02/17/9e41a037c5c0a9706dd062f5eecfdaeb.webp 768w, https://cdn.thebittimes.com/images/2024/02/17/9e41a037c5c0a9706dd062f5eecfdaeb.webp 1089w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView/AlanSanta</em>
  </figcaption>
 </figure>
 <p class="paragraph">Emphasizing the overextended nature of the current wave, Santana predicted that the next drop is <a rel="noopener noreferrer nofollow" title="imminent" href="https://thebittimes.com/tag/imminent.html">imminent</a> and would be characterized by its speed, <a rel="noopener noreferrer nofollow" title="sudden" href="https://thebittimes.com/tag/sudden.html">sudden</a>ness, and strength. In his view, Bitcoin is likely to retest the $35,000 level.&nbsp;</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“The middle of the range sits around $35,000… The next support level has been confirmed within the $34,000 to $36,000 price range. &lt;…&gt;&nbsp; Since the current wave is already overextended, we can expect the next drop to show up anytime now, fast, <a rel="noopener noreferrer nofollow" title="sudden" href="https://thebittimes.com/tag/sudden.html">sudden</a> and <a rel="noopener noreferrer nofollow" title="strong" href="https://thebittimes.com/tag/strong.html">strong</a>,” he said.&nbsp;</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-bitcoin-seeks-to-hold-the-50-000-mark">Bitcoin seeks to hold the $50,000 mark</h2>
 <p class="paragraph">The gloomy outlook emerged as Bitcoin retested the $52,000 mark, successfully regaining the coveted $1 trillion market capitalization. These gains follow a week where Bitcoin resiliently bounced back from a dip below $50,000, triggered by hotter-than-expected U.S. inflation data, ultimately reclaiming this psychologically significant price level.</p>
 <p class="paragraph">The recent surge in Bitcoin’s value is attributed to a heightened influx into BTC spot exchange-traded funds (ETFs), with analysts foreseeing increased flows throughout the year.&nbsp;</p>
 <p class="paragraph">Standard Chartered analysts, for instance, projected that spot ETFs could attract between $50 billion to $100 billion in investments this year alone.</p>
 <p class="paragraph">Additionally, the market is closely monitoring seven pending applications before the U.S. SEC to approve a spot Ethereum (ETH) ETF. The SEC is expected to make final decisions on several of these proposals by May.</p>
 <p class="paragraph">At the same time, the upcoming Bitcoin halving scheduled for April is historically seen as a bullish catalyst for the leading cryptocurrency.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">By press time, Bitcoin was valued at $51,683, reflecting daily losses of less than 1%. The leading cryptocurrency has experienced a nearly 10% increase in the past seven days.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/02/17/e90f62f27bfe3853987817e786d50684.webp" alt class="wp-image-155624" srcset="https://cdn.thebittimes.com/images/2024/02/17/e90f62f27bfe3853987817e786d50684.webp 1024w, https://cdn.thebittimes.com/images/2024/02/17/e90f62f27bfe3853987817e786d50684.webp 300w, https://cdn.thebittimes.com/images/2024/02/17/e90f62f27bfe3853987817e786d50684.webp 768w, https://cdn.thebittimes.com/images/2024/02/17/e90f62f27bfe3853987817e786d50684.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">Additionally, technical indicators for Bitcoin are signaling bullish sentiments. A one-day sentiment summary from <em>TradingView</em> aligns with a ‘buy’ sentiment at 14, and moving averages indicate a ‘<a rel="noopener noreferrer nofollow" title="strong" href="https://thebittimes.com/tag/strong.html">strong</a> buy’ at 13. Meanwhile, oscillators are indicating a ‘sell’ at 5.</p>
 <figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="197" src="https://cdn.thebittimes.com/images/2024/02/17/a4b60bcba9ee00bebe30a1cdc93e0185.webp" alt class="wp-image-155625" srcset="https://cdn.thebittimes.com/images/2024/02/17/a4b60bcba9ee00bebe30a1cdc93e0185.webp 1024w, https://cdn.thebittimes.com/images/2024/02/17/a4b60bcba9ee00bebe30a1cdc93e0185.webp 300w, https://cdn.thebittimes.com/images/2024/02/17/a4b60bcba9ee00bebe30a1cdc93e0185.webp 768w, https://cdn.thebittimes.com/images/2024/02/17/a4b60bcba9ee00bebe30a1cdc93e0185.webp 1536w, https://cdn.thebittimes.com/images/2024/02/17/a4b60bcba9ee00bebe30a1cdc93e0185.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin technical analysis. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">Overall, the prospects of Bitcoin will also largely depend on other general economic factors, such as the interest rate decisions from various central banks.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-s-fast-sudden-and-strong-drop-now-imminent-tbt80094.html">https://thebittimes.com/bitcoin-s-fast-sudden-and-strong-drop-now-imminent-tbt80094.html</a></p>

Bitcoin’s ‘fast, sudden, and strong’ drop now imminent

Table of Contents

TheBitTimes

Other articles published on Feb 17, 2024

Shiba Inu Community Unveils KNINE Launch, SHIB Price to $0.00001?

Anthropic says Claude Chatbot is off-limits to political candidates

Ripple’s XRP Is The Key To Gold-Backed Stablecoin: Black Swan Capitalist Founder

3 cryptocurrencies to reach $100 billion market cap in 2024

“Rich Dad Poor Dad” Author’s Important Statement on Bitcoin vs. the Federal Reserve

SHIB May Reach $0.011 Amid Shiba Inu Team’s New Objective

Join our free newsletter for daily crypto updates!