2024

Bitcoin

April

Gains

<a href="https://bitcoinworld.co.in/bitcoin-btc-price-drops-below-63k-as-ether-gains-signaling-altseason-ahead/" title="Bitcoin (BTC) Price Drops Below $63K as Ether Gains Signaling Altseason Ahead" rel="nofollow"></a>
Bitcoin (BTC) price opened the last week of April, the halving month, on a bearish note after closing the last four weeks in a correction mode.&nbsp; 
The flagship coin is on the cusp of closing the first month since August 2023 on a bearish note. With less than 48 hours left to May 2024, Bitcoin price is more likely to continue in a choppy trend. 
The trading of spot Bitcoin ETFs in Hong Kong, which begins tomorrow, will further strengthen the long-term bullish sentiment. 
Furthermore, more crypto traders have been taking a sideline ahead of high-impact news from the United States. 
On Wednesday, the United States Federal Reserve will release much-awaited data on interest rates and the FOMC statement. 
The cryptocurrency industry is expected to record increased volatility as the market absorbs US inflation data ahead. Moreover, it is not yet clear when the Federal Reserve will conduct its anticipated rate cuts later this year. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/four-reasons-why-ethereum-is-not-a-security-consensys/" aria-label="“Four Reasons Why Ethereum Is Not a Security: Consensys” (Edit)">Four Reasons Why Ethereum Is Not a Security: Consensys</a> 
<h3 id="span-style-font-weight-400-is-the-bitcoin-cycle-top-already-achieved-span">Is the Bitcoin Cycle Top Already Achieved?</h3> 
After reaching its all-time high (ATH) of around $74k last month, Bitcoin price has been trapped in a correction mode to date.&nbsp; 
According to veteran trader Peter Brandt, Bitcoin price has been rallying upward through an exponential decay, based on diminishing returns. 
Having analyzed historical data, Brandt argued that the exponential decay suggests the flagship coin has already reached its cycle top of slightly above $70,000. 
Nonetheless, Brandt indicated that the exponential decay only has a 25 percent chance of being successful. Furthermore, Bitcoin price is impacted by a wide range of other factors including ongoing mainstream adoption of digital assets and web3 protocols. 
<figure id="attachment_71647" aria-describedby="caption-attachment-71647" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-71647" src="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-45-483x300.png" alt="" width="580" height="360" srcset="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-45-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-45.png 760w" sizes="(max-width: 580px) 100vw, 580px">
 <figcaption id="caption-attachment-71647" class="wp-caption-text">
 BTC Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
As Coinspeaker previously mentioned, the Hong Kong-based spot Bitcoin ETFs will begin trading on April 30. The entrance of spot Bitcoin ETFs in Hong Kong will add to the existing buying pressure from the US-based fund managers. 
As a result, Brandt <a href="https://twitter.com/PeterLBrandt/status/1784771263002710176">noted</a> that he believes Bitcoin price has a high chance of rallying beyond $100k in the coming months. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Note that I assigned a 25% probability to my analysis. I give more credence to a report I issued in February. Here is a chart from that analysis — projecting a bull market until Sep/Oct 2025 <a href="https://t.co/hiSogUtEkt">https://t.co/hiSogUtEkt</a> <a href="https://t.co/Y5I8g5JWwa">pic.twitter.com/Y5I8g5JWwa</a> 
 — Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1784771263002710176?ref_src=twsrc%5Etfw">April 29, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
A similar stance was issued by Giovanni Santostasi, a popular Bitcoin trader and investor with a Ph.D in Astrophysics.&nbsp; 
According to Giovanni, Bitcoin <a href="https://coinstats.app/coins/bitcoin/">price </a>will rally as much as $210k by the end of 2025 and subsequently drop as low as $83k.&nbsp; 
Notably, Giovanni’s prediction entailed several scientific methods using the past few bull cycles after every Bitcoin halving. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/spot-bitcoin-etfs-set-to-hit-australias-stock-exchange-in-2024/" aria-label="“Spot Bitcoin ETFs Set To Hit Australia’s Stock Exchange In 2024” (Edit)">Spot Bitcoin ETFs Set To Hit Australia’s Stock Exchange In 2024</a> 
<h3 id="span-style-font-weight-400-what-next-span">What Next?</h3> 
As Bitcoin price continues to grind down, one week after the fourth halving, short-term investors have been diversifying into the altcoin industry.&nbsp; 
The ETH/BTC pair, which is a popular indicator of the macro crypto cash ration, has signaled an altseason ahead.&nbsp; 
Furthermore, the pair rebounded over 4 percent in the past week to hover around 0.0507 on Monday. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 As I said 10 days ago: 
 "I would expect it (<a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> / <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a>) to be rejected by the bull market support band, at least when looking at weekly closes (0.053-0.054)." 
 This latest pump just looks like the last pump it got before rate cuts last cycle, just before summer capitulation. <a href="https://t.co/g8ZfQqSYzm">https://t.co/g8ZfQqSYzm</a> <a href="https://t.co/BiFe2GKdEP">pic.twitter.com/BiFe2GKdEP</a> 
 — Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1784666898229080391?ref_src=twsrc%5Etfw">April 28, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Meanwhile, popular crypto analyst Benjamin Cowen has urged investors to remain vigilant of a possible crash for altcoins in the coming months before the imminent rebound. 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
&nbsp; 
#Binance #WRITE2EARN 
The post <a href="https://bitcoinworld.co.in/bitcoin-btc-price-drops-below-63k-as-ether-gains-signaling-altseason-ahead/">Bitcoin (BTC) Price Drops Below $63K as Ether Gains Signaling Altseason Ahead</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Bitcoin (BTC) Price Drops Below $63K as Ether Gains Signaling Altseason Ahead

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