Bitcoin

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April

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<p>The post <a href="https://coinpedia.org/news/crypto-market-to-see-30-40-crash-bitcoin-price-to-52k-is-inevitable/">Bitcoin Price Slump Sparks Crypto Market Crash! Analyst Sees 30-40% Correction Soon</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In April 2024, Bitcoin (BTC) faced a significant downturn, marking its first red monthly close since September 2023. This drop came right in the midst of its halving month, making it quite a talking point. Throughout April, BTC’s price took a nosedive of about 15 percent, ending the month with trades floating around $60,590. </p> 
<p>Unfortunately, this downward trend hasn’t let up, with the flagship coin slipping an additional 6 percent over the past 24 hours, now trading at approximately $57,500 as of Wednesday.</p> 
<h2 class="wp-block-heading" id="h-a-market-overcome-with-fear">A Market Overcome With Fear</h2> 
<p>Bitcoin’s sudden drop has sent ripples of fear through the crypto world, prompting a widespread selloff. Among the top 50 altcoins by market capitalization, only Cosmos Hub (ATOM) and Optimism (OP) managed to resist the tide, registering gains in the past 24 hours.</p> 
<p>This market turmoil resulted in the liquidation of over $437 million from the crypto market, predominantly affecting long traders.</p> 
<h2 class="wp-block-heading" id="h-was-the-bitcoin-halving-a-disappointment">Was the Bitcoin Halving a Disappointment?</h2> 
<p>After hyping the recent Bitcoin halving combined with the approval of spot BTC ETFs in the United States and Hong Kong, it is safe to assume the events have turned into a sell-the-news scenario. Nonetheless, a significant portion of crypto investors have been caught unawares after the recent fear of missing out (FOMO) fueled by a buy-the-dip narrative.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Daily<br><br>Broke and retested range lows as resistance. Nothing but air until around $52,000 on the chart.<br><br>My biggest concern I have been discussing for months (in newsletter) is that RSI never made the trip to oversold. <br><br>Almost there now, all lower time frames oversold.<br><br>This… <a href="https://t.co/5YZTWipBo8">pic.twitter.com/5YZTWipBo8</a></p>— The Wolf Of All Streets (@scottmelker) <a href="https://twitter.com/scottmelker/status/1785596055125434827?ref_src=twsrc%5Etfw">May 1, 2024</a>
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<p>Renowned crypto analyst Scott Melker, known by the alias The Wolf of All Streets, weighed in on the situation. He pointed out the absence of major resistance levels, suggesting that Bitcoin’s price could revisit the $52k mark. Despite the Relative Strength Index (RSI) indicating oversold conditions on lower time frames, the weekly RSI failed to dip into oversold territory during the recent correction.</p> 
<p>In light of these factors, The Wolf of All Streets predicts that Bitcoin’s price will continue to correct until it reaches a range of 30-40 percent.</p> 
<p><strong>Is this a buying opportunity or a sign of further decline? Let us know your take on the current Bitcoin situation!</strong></p>

Bitcoin Price Slump Sparks Crypto Market Crash! Analyst Sees 30-40% Correction Soon

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