Factor

Bitcoin

Impact

April

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/how-will-bitcoins-current-trends-impact-its-future/" data-wpel-link="internal">How Will Bitcoin’s Current Trends Impact Its Future?</a><br></p>
<p style="text-align: justify">After creating excitement and optimism with its rise between October 2023 and April 2024, concerns for <a href="https://en.coin-turk.com/a-closer-look-at-recent-bitcoin-price-trends-and-trading-volume/" data-wpel-link="internal">Bitcoin</a> (<a href="https://en.coin-turk.com/the-last-time-it-was-seen-the-price-soared-35-percent-bitcoin-whales-are-doing-it-again/" data-wpel-link="internal">BTC</a>) have peaked. Especially in the USA, the approval of nine spot Bitcoin exchange-traded funds (ETFs) in January and BlackRock’s involvement had raised hopes for institutional adoption. Following the heightened expectations, the block reward halving in April was also indicated, and <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> targets above $100,000 began to be given. Despite the high expectations, the largest cryptocurrency spent most of April declining, and a renowned figure with 40 years of experience in technical analysis made a frightening forecast.</p> 
<h2 style="text-align: justify" id="strong-bitcoin-could-drop-to-35-000-strong"><strong>Bitcoin Could Drop to $35,000</strong></h2> 
<p style="text-align: justify">In March, Bitcoin reached $73,000 before it struggled to stay above the $57,000 threshold without dropping below $60,000. While some experts expect a dip and recovery in the first week of May, others, including experienced analysts, suggest the cycle may have already peaked.</p> 
<p style="text-align: justify">Peter Brandt, founder of Factor Trading and an experienced chart analyst, recently suggested that the $73,000 level might represent the peak of this cycle with a 25% probability. Referring to a model called ‘exponential decay,’ which shows that each Bitcoin cycle is about 20% smaller than the previous one, Brandt argued that Bitcoin could soon drop to $35,000, the lowest level of 2021. Brandt had previously used this methodology to predict that the current rally would peak at $72,723.</p> 
<p style="text-align: justify">Known for accurately predicting the major crash in 2019, experienced analyst Brandt continues to be on the side expecting a rise in BTC in the long term, despite the short-term downturn.</p> 
<h2 style="text-align: justify" id="strong-continues-below-the-60-000-threshold-strong"><strong>Continues Below the $60,000 Threshold</strong></h2> 
<p style="text-align: justify">Whether Bitcoin has peaked in this cycle or is waiting for a larger bull run remains uncertain, but the largest cryptocurrency has recently been under strong selling pressure. At the time of writing, Bitcoin is trading at $59,915, up 0.52% in the last 24 hours. Data shows that the largest cryptocurrency has fallen over 10% in the last 30 days.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-347460" src="https://coin-turk.com/wp-content/uploads/2024/05/Bitcoin-Analiz.jpg" alt="" width="1624" height="792"></p> 
<p style="text-align: justify">However, despite the current downward trend, Bitcoin has not lost its significant gains from the beginning of the year and is currently priced with a 34.43% increase year-to-date (YTD).</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/how-will-bitcoins-current-trends-impact-its-future/" data-wpel-link="internal">How Will Bitcoin’s Current Trends Impact Its Future?</a></h5>

How Will Bitcoin’s Current Trends Impact Its Future?

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