Ethereum

Bitcoin

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-suffers-notable-decline-as-analysts-scrutinize-economic-indicators" rel="noopener noreferrer nofollow">Bitcoin Suffers Notable Decline as Analysts Scrutinize Economic Indicators</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-surpasses-38000-for-the-first-time-since-may-2022" rel="noopener noreferrer nofollow">Bitcoin</a>‘s value has taken a downward turn, plunging over 17% from its peak near $73,750. This trend occurs in the wake of expectations for the upcoming fourth block reward halving and is indicative of wider <a href="https://en.bitcoinhaber.net/bitcoin-funding-rates-normalize-signaling-market-sentiment-shift" rel="noopener noreferrer nofollow">cryptocurrency</a> market movements. Market analysts have identified various causes for this slide, including traditional pre-halving corrections, altered projections for the US Federal Reserve’s interest rate cuts, and insights from on-chain data.</p>
<h2 id="analyst-stresses-impact-of-macroeconomic-data-on-bitcoin">Analyst Stresses Impact of Macroeconomic Data on Bitcoin</h2>
<p style="text-align: justify">Markus Thielen, CEO of 10x Research, stresses the importance of upcoming macroeconomic data on Bitcoin’s price changes, particularly in light of the next block reward halving. He points to the complex interplay between the cryptocurrency market’s cycles and larger macroeconomic factors. Despite Bitcoin’s historical pattern of rallying every four years, Thielen notes current macroeconomic conditions could have a stronger influence on its price direction. His past predictions, which connected Bitcoin’s price movements with inflation trends, highlight the nuanced dynamics at play within the cryptocurrency sphere.</p>
<p style="text-align: justify">Recent macroeconomic signals, such as an unexpectedly robust ISM Manufacturing PMI, a rising US Dollar Index, and heightened yields on 10-year Treasury bonds, have intensified market fluctuations and contributed to Bitcoin’s downturn. With Bitcoin demonstrating an inverse relationship with these traditional financial metrics, these economic shifts are increasingly crucial to foreseeing the cryptocurrency’s price trajectory.</p>
<p style="text-align: justify">In anticipation of future developments, Thielen underscores the forthcoming Consumer Price Index (CPI) report for March as a pivotal factor for the cryptocurrency market. The CPI data, slated for release on April 10, will offer key insights into inflationary trends that may significantly influence Bitcoin’s valuation. Thielen posits that macroeconomic data may overshadow the block reward halving in terms of its effect on market sentiment and pricing.</p>
<h2 id="price-predictions-for-bitcoin-and-ethereum-amidst-market-volatility">Price Predictions for Bitcoin and Ethereum Amidst Market Volatility</h2>
<p style="text-align: justify">10x Research predicts a potential decline in Bitcoin’s price to $62,000 and a parallel drop for <a href="https://en.bitcoinhaber.net/whales-dive-in-strategic-crypto-acquisitions-amid-market-correction" rel="noopener noreferrer nofollow">Ethereum</a> to $3,100. Thielen associates this expected decrease with diminished transaction volumes. He mentions $68,330 for Bitcoin and $3,460 for Ethereum as critical support levels to watch. For the bullish trend to persist, Bitcoin’s need to bridge the CME price gap around $63,500 is crucial, according to the analyst.</p>
<h3 id="points-to-take-into-account">Points to take into account</h3>
<ul>
 <li>Bitcoin’s historical four-year rally pattern may be overshadowed by current macroeconomic conditions.</li>
 <li>Upcoming CPI data is critical for gauging Bitcoin’s price direction amidst market volatility.</li>
 <li>Bitcoin’s relationship with traditional financial indicators is a key element in forecasting its price movements.</li>
 <li>Specified price levels and transaction volumes are significant factors affecting Bitcoin and Ethereum prices.</li>
</ul>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-suffers-notable-decline-as-analysts-scrutinize-economic-indicators" rel="noopener noreferrer nofollow">Bitcoin Suffers Notable Decline as Analysts Scrutinize Economic Indicators</a></h5>

Bitcoin Suffers Notable Decline as Analysts Scrutinize Economic Indicators

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