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<p>The post <a href="https://coinpedia.org/news/bitcoin-price-tumbles-to-60890-expert-predictions-on-the-next-big-move/">Bitcoin Price Tumbles to $60,890: Expert Predictions on the Next Big Move</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> fell sharply on May 10, from $62,813 to $60,890 in one hour. Many bullish investors were forced to sell their assets at a loss after the price drop.&nbsp;</p> 
<p>Following weeks of investor skepticism and unpredictable market conditions, experts believe the crypto market is consolidating. Bitcoin (BTC) has fallen since its March all-time high, with Friday’s plunge suggesting dip buyers are less interested. Federal Reserve members’ aggressive comments and falling inflation expectations have accompanied this decline.</p> 
<h2 class="wp-block-heading" id="h-navigating-the-bore-you-to-death-phase"><strong>Navigating the “Bore You to Death” Phase</strong></h2> 
<p>Notably, Blockchain activity is similarly low, with Bitcoin transactions falling and ether (ETH), the second-largest cryptocurrency, inflating. Similar consolidation occurred from April to September 2023, when Bitcoin ranged between $25,000 and $30,000 for six months before a multi-month surge to new all-time highs.</p> 
<p>However, Charles Edwards, founder of Capriole Investment, calls this phase the “bore you to death” phase, lasting one to six months. Bitcoin shows low volatility and stays within a range. Sentiment may turn negative before the phase ends, hinting at a possible reversal.</p> 
<h2 class="wp-block-heading" id="h-buy-the-dip-or-sell-nbsp"><strong>Buy the Dip or Sell?&nbsp;</strong></h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f914.png" alt="🤔" class="wp-smiley" style="height: 1em; max-height: 1em;"> Traders are showing weak <a href="https://twitter.com/hashtag/buythedip?src=hash&amp;ref_src=twsrc%5Etfw">#buythedip</a> interest in <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>'s latest retrace down to as low as $60.2K today. Generally, the crowd's lack of faith is a strong sign of prices being close to a <a href="https://twitter.com/hashtag/bottom?src=hash&amp;ref_src=twsrc%5Etfw">#bottom</a>. Track social interest levels to see if <a href="https://twitter.com/hashtag/FUD?src=hash&amp;ref_src=twsrc%5Etfw">#FUD</a> stays high. <a href="https://t.co/cZjTWcCnL2">https://t.co/cZjTWcCnL2</a> <a href="https://t.co/Nj19XkIdgq">pic.twitter.com/Nj19XkIdgq</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1788975787074519310?ref_src=twsrc%5Etfw">May 10, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>Bitcoin’s recent pullback saw modest “buy the dip” activity from traders, suggesting a price bottom, according to Santiment. Bitfinex analysts believe the slowdown to last into early summer until the Federal Reserve implements its balance sheet run-off curbs in June.</p> 
<p>Michael van de Poppe has weighed in on X, <a href="https://x.com/CryptoMichNL/status/1788955544042045563" target="_blank" rel="noreferrer noopener">suggesting </a>that the recent bearish movement might lead to more downward trends. He firmly believes that the final accumulation phase for Bitcoin is ongoing. Emphasizing the importance of Bitcoin closing above $61,000 soon to prevent a potential drop to the $52,000-$55,000 range.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-vs-dollar"><strong>Bitcoin vs Dollar</strong></h2> 
<p>The recent drop in<a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener"> Bitcoin’s price</a> coincided with a surge in the U.S. dollar, but a subsequent rebound in Bitcoin prices following a weaker dollar suggests a potential turning point in the trend. Analysts believe that sustained strength in Bitcoin and a weaker dollar could set the stage for a bullish Q3 and Q4 for the cryptocurrency, signaling optimism for the market’s future trajectory.&nbsp;</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/bitcoin-price-prediction-jack-dorsey-forecasts-btc-price-to-hit-1-million-by-2030/">Bitcoin Price Prediction: BTC Price To EXPLODE to $1 Million by 2030, Says Jack Dorsey</a></p>

Bitcoin Price Tumbles to $60,890: Expert Predictions on the Next Big Move

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