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<ul>
 <li>Bitcoin’s remarkable 72% YTD surge prompts scrutiny for potential correction pre-halving.</li>
 <li>Key metrics like Short-Term Holder Realized Price and Profit/Loss Margin indicate caution.</li>
 <li>On-chain data unveils significant BTC sell-off by whales, raising concerns of downward price pressure.</li>
</ul>
<p>Bitcoin’s sensational rally in 2024 has captivated the financial world once again. With an impressive 72% year-to-date surge, the leading cryptocurrency soared from around $42,560 at the year’s onset to a staggering $73,000, initiating a fervent phase of price discovery.&nbsp;</p>
<p>However, amidst the euphoria, discerning eyes are wary of looming signs indicating <a href="https://cryptonewsland.com/analysts-question-bitcoin-whales-intentions/" rel="noopener noreferrer nofollow">a potential correction</a>, especially with the halving event looming in April. Short-Term Holder Realized Price and Profit/Loss Margin emerge as pivotal metrics reflecting the current sentiment.</p>
<p>Notably, short-term holders are reveling in a substantial 70% profit from their Bitcoin holdings, an unprecedented level not witnessed in the past three years. This burgeoning unrealized profit hints at a probable mass sell-off, potentially triggering a corrective phase.</p>
<p>Adding to the apprehension is the discernible activity among <a href="https://cryptonewsland.com/this-new-cryptocurrency-priced-at-just-0-1-is-about-to-make-a-40x-move-according-to-a-prominent-bitcoin-whale/" rel="noopener noreferrer nofollow">Bitcoin whales</a>, who have been progressively offloading their holdings ahead of the halving. On-chain data reveals a significant release of over 80,000 BTC, valued at approximately US$4.96 billion, by these large-scale investors in the past month alone. Should this trend persist, it could catalyze a cascading effect, prompting short-term holders to secure profits, consequently intensifying the downward pressure on prices.</p>
<p>Despite these ominous indicators, optimism persists within the investor community, fueled by the burgeoning demand for Bitcoin ETFs. <a href="https://www.fxempire.com/forecasts/article/bitcoin-price-forecast-larry-fink-blackrock-btc-80k-1419407" rel="noopener noreferrer nofollow">Larry Fink’s endorsement</a> further bolstered confidence, with investors increasingly inclined towards HODLing, potentially propelling Bitcoin towards a new all-time high beyond $80,000.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> consolidating. <br><br>I think that we're close to the peak of this run, but I think we'll have another ATH test, perhaps even $75-80K pre-halving and then we're correcting.<br><br>During that consolidation / correction phase, I expect altcoins to outperform. <a href="https://t.co/bnQjYuIzrr" rel="noopener noreferrer nofollow">pic.twitter.com/bnQjYuIzrr</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1772905453854274038?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 27, 2024</a>
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<p>Renowned crypto analyst Michaël van de Poppe’s recent projections further stoke anticipation within the crypto sphere. Anticipating a surge towards the $75,000 to $80,000 range before the halving, van de Poppe foresees a consolidation phase followed by a potential correction.</p>
<p>In essence, while Bitcoin’s journey to unprecedented highs is marked by excitement and anticipation, the looming specter of a correction serves as a sobering reminder of the market’s inherent volatility. As stakeholders brace for potential fluctuations, the enduring allure and resilience of Bitcoin remain undeniable, underpinning a future defined by innovation, adaptation, and continued growth.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/btc-short-term-traders-continue-to-sell-in-losses/" rel="noopener noreferrer nofollow">BTC Short-Term Traders Continue to Sell in Losses</a></li>
 <li><a href="https://cryptonewsland.com/pre-halving-surge-expected-betting-on-bitcoins-rise/" rel="noopener noreferrer nofollow">Pre-Halving Surge Expected: Betting on Bitcoin’s Rise</a></li>
 <li><a href="https://cryptonewsland.com/soprs-on-chain-measures-suggests-bearish-sentiment/" rel="noopener noreferrer nofollow">SOPR`s On-chain Measures Suggests Bearish Sentiment</a></li>
 <li><a href="https://cryptonewsland.com/xrps-road-to-1-unveiling-key-short-term-targets/" rel="noopener noreferrer nofollow">XRP’s Road to $1: Unveiling Key Short-Term Targets</a></li>
 <li><a href="https://cryptonewsland.com/why-btcs-2024-halving-is-tipped-to-eclipse-previous-surges/" rel="noopener noreferrer nofollow">Why BTC’s 2024 Halving is Tipped to Eclipse Previous Surges</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/how-will-bitcoins-price-react-before-halving-is-80000-the-next-target/" rel="noopener noreferrer nofollow">How Will Bitcoin’s Price React Before Halving, Is $80,000 the Next Target?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

How Will Bitcoin’s Price React Before Halving, Is $80,000 the Next Target?

Crypto News Land

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