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April

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/analyst-foresees-bitcoins-price-drop-before-soaring-towards-100k" rel="noopener noreferrer nofollow">Analyst Foresees Bitcoin’s Price Drop Before Soaring Towards $100K</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/planb-predicts-bitcoins-path-will-defy-current-expectations" rel="noopener noreferrer nofollow">Bitcoin</a>‘s value has been wavering below a critical $70,000 mark since mid-March, sparking debates on its potential to reach the once-anticipated $100,000 target. Amidst these discussions, a notable crypto analyst, TradingShot, has postulated a substantial decline in Bitcoin’s price, predicting a drop below $60,000 subsequent to the forthcoming block reward halving, projected around April 20.</p>
<h2 id="market-correction-predicted-by-technical-analysis">Market Correction Predicted by Technical Analysis</h2>
<p style="text-align: justify">TradingShot, an anonymous figure in the <a href="https://en.bitcoinhaber.net/unveiling-the-cryptic-future-a-deep-dive-into-crypto-capos-market-analysis" rel="noopener noreferrer nofollow">cryptocurrency</a> analysis community, presented his forecast on April 4 via TradingView, drawing from Bitcoin’s past market performance and Fibonacci retracement levels. He surmised that a market correction pulling Bitcoin down to the $58,000 – $60,000 range is likely, adhering to patterns witnessed in past downturns.</p>
<p style="text-align: justify">The analysis highlighted that Bitcoin has been climbing within a specific channel since hitting a low in November 2022, with each successive peak showing slightly diminishing returns. TradingShot suggests that this trend will result in a 2% reduction for the next peak, thus leading up to Bitcoin’s dip below $60,000 before a potential surge to $100,000 follows the halving event.</p>
<h2 id="macro-economic-factors-influence-bitcoin-s-trajectory">Macro-Economic Factors Influence Bitcoin’s Trajectory</h2>
<p style="text-align: justify">External economic factors are also impacting Bitcoin’s price movements. The yield on US Treasury bonds reaching yearly highs and the strengthening US dollar have contributed to Bitcoin’s descent below $70,000. Intensifying concerns stem from persistent US inflation, prompting speculations that the Federal Reserve might postpone or reduce the expected interest rate cuts.</p>
<p style="text-align: justify">Investors, maintaining vigilance on Bitcoin’s performance, observe that its ability to stay above the $65,000 support mark could be pivotal, potentially triggering a climb towards $70,000. The cryptocurrency’s staying power at these levels is seen as a significant indicator of impending upswings.</p>
<h3 id="points-to-take-into-account">Points to take into account</h3>
<ul>
 <li>Bitcoin may face a correction to $58,000 – $60,000 following historical trends.</li>
 <li>A decline below $60,000 is predicted before a rally post-block reward halving.</li>
 <li>US economic indicators, such as Treasury yields and dollar strength, are key to Bitcoin’s short-term pricing.</li>
 <li>The $65,000 support level is crucial for Bitcoin’s trajectory towards higher 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/analyst-foresees-bitcoins-price-drop-before-soaring-towards-100k" rel="noopener noreferrer nofollow">Analyst Foresees Bitcoin’s Price Drop Before Soaring Towards $100K</a></h5>

Analyst Foresees Bitcoin’s Price Drop Before Soaring Towards $100K

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