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Bitcoin

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 <p class="paragraph">Bitcoin&nbsp;(BTC) continued its downward trend for a third consecutive day on Wednesday, marking its poorest monthly performance since late 2022.&nbsp;</p>
 <p class="paragraph">This decline comes as investors withdraw funds from <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies in anticipation of an upcoming Federal Reserve interest rate decision.</p>
 <p class="paragraph">In April alone, Bitcoin plummeted nearly 16% as investors cashed in on a robust rally that had earlier driven prices to over $73,000. Most recently, Bitcoin dropped to below $57,000, reaching its lowest level since late February.&nbsp;</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="836" src="https://cdn.thebittimes.com/images/2024/05/01/4f9cda8feee67112db1ab5e8f9b564f2.webp" alt class="wp-image-172957" srcset="https://cdn.thebittimes.com/images/2024/05/01/4f9cda8feee67112db1ab5e8f9b564f2.webp 1024w, https://cdn.thebittimes.com/images/2024/05/01/4f9cda8feee67112db1ab5e8f9b564f2.webp 300w, https://cdn.thebittimes.com/images/2024/05/01/4f9cda8feee67112db1ab5e8f9b564f2.webp 768w, https://cdn.thebittimes.com/images/2024/05/01/4f9cda8feee67112db1ab5e8f9b564f2.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin 7-day price chart. Source: Finbold
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 <p class="paragraph">Currently, Bitcoin’s price is 22% below its March peak of $73,803, placing it firmly in bear <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> territory. Despite this, Bitcoin has still gained 28% this year and is double its value from last year, largely fueled by substantial investments in new exchange-traded funds (ETFs) since January.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-crypto-experts-give-bitcoin-insights">Crypto experts give Bitcoin insights</h2>
 <p class="paragraph">Analysts are offering varying perspectives on Bitcoin’s current <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> position. Mags, known as <em>thescalpingpro</em>, suggests that $57,000 area might be a critical low point for Bitcoin. According to Mags, the best scenario for bullish investors would be if Bitcoin briefly dips to $57,500 below a key resistance area, only to quickly recover before the week closes—a pattern he refers to as a potential “fakeout.”</p>
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    <p lang="en" dir="ltr">#Bitcoin – $57,500 should be the bottom or its over ?<br><br>On the weekly chart, the price is trading below the weekly support zone of $60,000.<br><br>I see a lot of people calling for $50,000. The problem with this is if the price closes below the blue box, it would make the price action… pic.twitter.com/CQ9M9rNDC3</p>— Mags (@thescalpingpro) May 1, 2024
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 <p class="paragraph">On the other hand, Michaël van de Poppe believes that Bitcoin’s price correction is nearing its end, though he anticipates some additional declines. Poppe notes that Bitcoin has already fallen 20% from recent highs and expects further downward movement.</p>
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    <p lang="en" dir="ltr">#Bitcoin is at the end of the correction.<br><br>It's already down 20% from the highs and we'll have some more downside to happen from here.<br><br>If the correction continues, then I think the green zones between $56-58K are essential to watch.#Altcoins to bounce before. pic.twitter.com/4Mu3NA1HSg</p>— Michaël van de Poppe (@CryptoMichNL) May 1, 2024
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 <p class="paragraph"><em>Plan B</em><strong> </strong>provides a broader historical perspective, pointing out that Bitcoin’s closing price in April was $60,632, marking the last “blue dot” month of the current cycle. He highlights the average price of $34,000 during the 2020-2024 halving cycle, which is just below the $55,000 forecast made by the stock-to-flow (S2F) model in 2019.</p>
 <p class="paragraph">Looking forward, Plan B anticipates that May will introduce the “first red dot,” signaling the commencement of a countdown to the next halving cycle, with the S2F model predicting a substantial rise to approximately $500,000 by 2024-2028.</p>
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    <p lang="en" dir="ltr">Bitcoin April closing price $60,632<br>This was the last blue dot (month 0). Average price 2020-2024 halving cycle $34k (slightly below S2F 2019 $55k prediction). May will be the first red dot, the start of the new countdown to the next halving (S2F 2024-2028 prediction: ~$500k). pic.twitter.com/BPqNy0cTUg</p>— PlanB (@100trillionUSD) May 1, 2024
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 <h2 class="wp-block-heading" id="h-bitcoin-downturn">Bitcoin downturn</h2>
 <p class="paragraph">This recent downturn is largely due to increased profit-taking by investors who joined during the downturns in 2022 and 2023, and those in ETFs who have seen significant gains since early 2024.</p>
 <p class="paragraph">On the broader economic front, although the Federal Reserve is not expected to adjust interest rates imminently, there is growing belief among investors that there might be no rate cuts throughout the year, negatively affecting interest-sensitive assets like cryptocurrencies, emerging market equities, and bonds, as well as commodities.&nbsp;</p>
 <p class="paragraph">This sentiment is reflected in the record outflows seen this week from the ten largest U.S. Bitcoin ETFs, totaling $496 million, with a noticeable slowdown in inflows to BlackRock’s iShares Bitcoin Trust, according to LSEG data.</p>
 <p class="paragraph">Despite the Bitcoin halving event last month, which typically bolsters BTC by reducing the rate of new coin creation, the price has fallen by about 15% since April 20. This decline follows a buying spree by investors ahead of the event, underscoring the high volatility and speculative nature of the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-plummets-under-57-000-as-crypto-market-faces-bear-market-reality-tbt87115.html">https://thebittimes.com/bitcoin-plummets-under-57-000-as-crypto-market-faces-bear-market-reality-tbt87115.html</a></p>

Bitcoin plummets under $57,000 as crypto market faces bear market reality

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