Stronger

Bitcoin ETF

Bitcoin

Crypto market rally resumes as excitement for the upcoming Bitcoin halving increased BTC price to surpass $72,715, with some headwinds expected to resist BTC price rally towards $80K. Experts predict a downfall, possibly a crash, if BTC price chart pattern repeats a historical pattern.
A crash in Bitcoin price could trigger a market-wide drop as seen during previous Bitcoin halving events and recent <a href="https://coingape.com/tag/bitcoin-etf" target="_blank" rel="noopener noreferrer nofollow">spot Bitcoin ETF</a> approval.
<h2 id="bitcoin-price-correction-looms-amid-halving">Bitcoin Price Correction Looms Amid Halving</h2>
Crypto investors keenly await <a href="https://coingape.com/halving/bitcoin-halving" target="_blank" rel="noopener noreferrer nofollow">Bitcoin halving</a> for further upside momentum in the crypto market, but analysts warn a correction could happen if BTC price form a similar pattern as seen earlier.
Analyst Benjamin Cowen said if BTC repeats a similar pattern seen during spot Bitcoin ETF as it goes into Bitcoin halving, then a BTC price fall can be expected. He expects Bitcoin to make a new ATH after halving and then fall below the $60,000 level.
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GKqY7bdX0AAg5in?format=jpg&amp;name=4096x4096" alt="Bitcoin price" width="808" height="527">
 <figcaption class="wp-caption-text">
 Source: Benjamin Cowen
 </figcaption>
</figure>
“Usually these patterns do not repeat exactly, but just showing it here in case something similar happens once again,: he added.
Veteran trader Peter Brandt reacted to the post and Bitcoin tends to follow similar historical patterns in past Bitcoin halving. He said the “same basic pattern has been common in past bull markets in Bitcoin.”
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GKry4F9bMAA2Uod?format=png&amp;name=small" alt="Bitcoin price" width="628" height="489">
 <figcaption class="wp-caption-text">
 Source: Peter Brandt
 </figcaption>
</figure>
Also Read: <a title="JPMorgan CEO Jamie Dimon’s Dire Warning on 8% Interest Rate; BTC to $100K?" href="https://coingape.com/jpmorgan-ceo-jamie-dimon-dire-warning-on-8-interest-rate-btc-to-100k/" target="_blank" rel="noopener noreferrer nofollow">JPMorgan CEO Jamie Dimon’s Dire Warning on 8% Interest Rate; BTC to $100K?</a>
<h2 id="bitcoin-price-to-slide-below">Bitcoin Price to Slide Below</h2>
BitMEX co-founder <a href="https://coingape.com/bitmex-ceo-arthur-hayes-predicts-btc-price-slump-after-bitcoin-halving/" target="_blank" rel="noopener noreferrer nofollow">Arthur Hayes</a> anticipates a decline in Bitcoin prices before and after the halving event next week. He suggests that during this period, <a href="https://coingape.com/jpmorgan-ceo-jamie-dimon-dire-warning-on-8-interest-rate-btc-to-100k/" target="_blank" rel="noopener noreferrer nofollow">US dollar liquidity</a> will be constrained, contributing to heightened selling pressure on crypto assets.
Moreover, the total outflows from the <a href="https://coingape.com/bitcoin-etf-flows-turn-negative-but-btc-price-holds-firm-at-71300/" target="_blank" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a> were $223 million, with Grayscale Bitcoin ETF dragging the total flow towards negative due to outflows surging past $300 million.
Options trading expert Greekslive revealed Bitcoin has entered a pullback as traders mainly sold short-term bitcoin option. The market is still skeptical about the future trend with the main term IV fell slightly. However, a giant whale traded 350 calls for the $200,000 strike price expiring March 2025. Also, the whale has stockpiled nearly 30,000 calls above $100,000 at all terms.
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> jumped 4% in the past 24 hours but the price has pared some gains, with the price currently trading at $70,993. The 24-hour low and high are $69,654 and $72,715, respectively. Furthermore, the trading volume has increased by 90% in the last 24 hours.
BTC Futures Open Interest dropped 0.30% in the last 4 hours and BTC Options Open Interest rose slightly in the last 24 hours.
Also Read: <a href="https://coingape.com/us-treasury-seeks-stronger-crypto-controls-for-national-security/" target="_blank" rel="noopener noreferrer nofollow">US Treasury Seeks Stronger Crypto Controls for National Security</a>
The post <a href="https://coingape.com/experts-predict-bitcoin-price-crash-if-btc-repeats-this-pattern/" rel="noopener noreferrer nofollow">Experts Predict Bitcoin Price Crash If BTC Repeats This Pattern</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Experts Predict Bitcoin Price Crash If BTC Repeats This Pattern

Inhoudsopgave

Coingape News Media

Andere artikelen gepubliceerd op 9 apr 2024

SEC Delays Decision on NYSE Bitcoin Options Trading

Congressman advocates for US leadership in Bitcoin innovation

Cat In A Dogs World: MEW Slumps 24% As New Multi-Chain Meme Coin Dogeverse Races Towards $500K On...

Soaring Crypto Market Indicates Bullish Phase with Veteran Altcoins Leading the Charge

Early Ethereum Figure Sues US Government In $9.6B Extortion Case Dismissal

How much will RIOT stock be worth if Bitcoin hits $100,000?

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!