2024

Bitcoin

<img width="1920" height="1080" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1.jpeg" class="attachment-full size-full wp-post-image" alt="Bitcoin price prediction" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1.jpeg 1920w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1-150x84.jpeg 150w" sizes="(max-width: 1920px) 100vw, 1920px">
<p>Bitcoin (BTC), the leading cryptocurrency globally, has maintained sideways movement, consolidating near the $51,000 mark. After initiating a rally towards $52,000 in late January, BTC has observed its first negative weekly close in approximately four weeks. Currently, BTC is trading slightly lower, down by 0.14% at $51,500, with a market capitalization of $1.011 trillion.</p> 
<h3 id="key-bitcoin-btc-price-range-to-watch">Key Bitcoin (BTC) Price Range to Watch</h3> 
<p>While everyone is eagerly awaiting a rally in March ahead of the <a href="https://coingape.com/jpmorgan-predicts-bitcoin-halving-already-priced-in-is-a-major-correction-ahead/" target="_blank" rel="noopener">Bitcoin halving event</a>, JPMorgan believes that the rally is already priced in.</p> 
<p>Popular crypto analyst Ali Martinez reports that the Bitcoin price is trading between two significant supply zones that could determine its short-term trajectory. The first supply zone, serving as a critical support level, ranges from $50,000 to $51,570, where approximately 1.3 million addresses hold a total of 670,220 BTC.</p> 
<p>Conversely, the second zone, acting as a formidable resistance barrier, spans from $51,640 to $53,200, with 752,600 addresses collectively holding 351,600 BTC. However, citing data from Coinglass, Martinez also noted that “<span class="css-1qaijid r-bcqeeo r-qvutc0 r-poiln3">$76.38 million will be liquidated across the board if Bitcoin price</span><span class="css-1qaijid r-bcqeeo r-qvutc0 r-poiln3"> jumps to $52,250!”</span></p> 
<p>Analysts suggest that a decisive break above the resistance zone could pave the way for a bullish upswing toward $57,130. Conversely, failure to hold above the support zone may signal a corrective movement towards $47,700.</p> 
<figure id="attachment_182511" aria-describedby="caption-attachment-182511" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-182511" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-supply-demand.jpeg" alt="" width="2348" height="864" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-supply-demand.jpeg 2348w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-supply-demand-300x110.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-supply-demand-1224x450.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-supply-demand-768x283.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-supply-demand-1536x565.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-supply-demand-2048x754.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-supply-demand-150x55.jpeg 150w" sizes="(max-width: 2348px) 100vw, 2348px">
 <figcaption id="caption-attachment-182511" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/ali_charts/status/1761790752512757947" target="_blank">Ali Martinez</a>
 </figcaption>
</figure> 
<h3 id="btc-price-drop-to-40-000-not-ruled-out">BTC Price Drop to $40,000 Not Ruled Out</h3> 
<p>Some market analysts have also asked investors to be cautious at this stage noting that Bitcoin price upside looks limited from here onwards. Crypto analyst Michael van de Poppe expressed uncertainty regarding the possibility of an imminent correction in Bitcoin’s price.</p> 
<p>He anticipates that the current rally could reach its peak within the $54,000 to $58,000 range. Following this peak, he predicts a significant correction to the $40,000 to $42,000 range, likely occurring after the halving event.</p> 
<figure id="attachment_182512" aria-describedby="caption-attachment-182512" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-182512" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-1.png" alt="" width="2274" height="1186" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-1.png 2274w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-1-300x156.png 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-1-1224x638.png 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-1-768x401.png 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-1-1536x801.png 1536w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-1-2048x1068.png 2048w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-price-chart-1-150x78.png 150w" sizes="(max-width: 2274px) 100vw, 2274px">
 <figcaption id="caption-attachment-182512" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/CryptoMichNL/status/1761844513927250297" target="_blank">Michael van de Poppe</a>
 </figcaption>
</figure> 
<p>Furthermore, many market analysts are expecting a major correction on Wall Street this year. Last week, Bitcoin maximalist Max Keiser stated that a 1987-like correction is likely on <a href="https://coingape.com/bitcoin-maxi-expects-btc-price-at-500k-with-a-1987-like-us-stock-market-crash/" target="_blank" rel="noopener">Wall Street</a>. Historically, Bitcoin price and the crypto market have crashed every time there’s been a major correction on Wall Street. However, Max Keiser believes that Bitcoin will prove to be a risk-off asset this time.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">This is a common misperception; <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is a risk-off asset and the greatest safe haven asset available. <a href="https://t.co/dqltY7eGzq">https://t.co/dqltY7eGzq</a></p> 
 <p>— Max Keiser (@maxkeiser) <a href="https://twitter.com/maxkeiser/status/1761820315783426326?ref_src=twsrc%5Etfw">February 25, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The post <a href="https://coingape.com/key-bitcoin-btc-price-range-to-watch-40k-correction-not-ruled-out/">Key Bitcoin (BTC) Price Range to Watch, $40K Correction Coming?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Key Bitcoin (BTC) Price Range to Watch, $40K Correction Coming?

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