Reserve

Bitcoin

Rekt

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s price has dropped by over 17.5% after hitting a record high of $73,800.</li>
 <li>The Federal Reserve’s decision to maintain key interest rates and withdrawals from Bitcoin ETFs contribute to the price drop.</li>
</ul>
<p>The value of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> has seen a significant decrease of over 17.5%, just a week after it reached a record high of approximately $73,800. As of March 20, it hit a two-week low, settling at $60,760.</p>
<h2 id="factors-influencing-the-price-drop">Factors Influencing the Price Drop</h2>
<p>The decline in Bitcoin’s price coincides with expectations that the Federal Reserve will keep its principal interest rates within the existing range of 525-550 basis points. Additionally, the ongoing withdrawals from Bitcoin exchange-traded funds (ETFs) are intensifying the downward pressure on its price.</p>
<p>There are speculations about how low Bitcoin’s price can go in the current correction cycle. The ongoing correction within Bitcoin’s bull market could potentially see it dip below the $60,000 mark by the end of March.</p>
<h2 id="bitcoin-s-price-predictions">Bitcoin’s Price Predictions</h2>
<p>Bitcoin’s price might fall towards its 50-day exponential moving average (50-day EMA) at around $58,780. This EMA wave support was crucial in limiting Bitcoin’s bull market correction in January 2024.</p>
<p>The 50-day EMA also aligns with Bitcoin’s horizontal support level of approximately $59,310. This level, after being tested on March 5, was followed by a 24.5% increase in price.</p>
<p>Market analyst Rekt Capital has forecasted that Bitcoin’s price could continue its bull market correction towards $40,000. This prediction is based on Bitcoin’s pre-halving price trends.</p>
<p>Bitcoin’s price experienced a roughly 50% retracement in the months leading up to the 2020 halving, significantly worsened by the COVID-19 pandemic in March. However, it stabilized around $10,000 for the remainder of the halving year, paving the way for a bull market revival in 2021.</p>
<p>Similarly, Bitcoin saw a 33% pullback around the 2016 halving but recovered by the end of the year, eventually leading into a bull market in 2017 that culminated in a peak of $20,000.</p>
<p>If the fractal analysis is to be believed, Bitcoin’s ongoing price correction could eventually be exhausted, followed by a bullish reversal to a new record high.</p>
<p>Fibonacci retracement levels show that Bitcoin is likely to consolidate within the $50,000-60,000 range in the forthcoming days or weeks. Historically, Bitcoin’s price has frequently tested the 0.618 level as support after approaching or setting a record high. This reaffirms that Bitcoin’s next support level could be around $50,000.</p>

Exploring Bitcoin’s Bottom: What’s the Lowest Possible Price?

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