Reserve

2024

Bitcoin

April

<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">
 <div class="wp-block-embed__wrapper"> 
  <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>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<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

Table of Contents

CoinPedia News

Other articles published on May 11, 2024

Federal Reserve Officials Divided Over Interest Rate Outlook for 2024

SEC insists that Coinbase ‘just does not like the answer’

FTX Claims Might Set Hedge Funds On Prosperous Path, But There’s a Twist

Warren Buffett’s Investment Legacy: From Berkshire Hathaway to Apple

BlockDAG Marks CoinMarketCap Listing with Dazzling Piccadilly Circus Showcase Amid $30 Forecast! ...

Whale Triggers Major Crypto Market Sell-Off

Join our free newsletter for daily crypto updates!