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<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-price-to-drop-more-before-hitting-new-high-post-halving/">Bitcoin Price to Drop More Before Hitting New High Post Halving&nbsp;</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>As cryptocurrency enthusiasts prepare for the TOKEN2049 event in Dubai amid heavy flooding, Bitcoin’s <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">(BTC) price</a> has continued to signal midterm weaknesses. According to the latest market data, the flagship coin has slipped around 3 percent in the last 24 hours to trade at about $62,366 on Wednesday during the early New York session.&nbsp;</p> 
<p>Furthermore, the cryptocurrency market recorded minor outflows of about $126 million last week, fueled by the GBTC’s daily selloffs. With the fourth <a href="https://coinpedia.org/beginners-guide/what-is-bitcoin-halving/">Bitcoin halving</a> less than three days from happening, overall crypto volatility is expected to remain high.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-bitcoin-halving-impact">Bitcoin Halving Impact</h2> 
<p>The heightened demand for <a href="https://markets.coinpedia.org/bitcoin/">Bitcoin</a> from institutional investors will worsen the demand vs supply shock after the upcoming halving. According to a popular crypto analyst alias <a href="https://x.com/100trillionusd/status/1780586891735101653?s=46">PlanB</a>, all Bitcoin price increases will again be around the halving impact. As a result, the crypto analyst has set a price target of at least $100k by the end of this year and over $300k in 2025.</p> 
<h2 class="wp-block-heading" id="h-bearish-outlook-before-rebound">Bearish Outlook Before Rebound</h2> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is experiencing normal correction as it always did every halving month in preparation for cycle top.<br><br>Currently, it is displaying the kind of Wyckoff re-accumulation range it did in Dec 2023 that led to $73k in 2024.<br><br>1/5 <a href="https://t.co/mBAfjr27IT">pic.twitter.com/mBAfjr27IT</a></p>— Mikybull 
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f402.png" alt="🐂" class="wp-smiley" style="height: 1em; max-height: 1em;">Crypto (@MikybullCrypto) <a href="https://twitter.com/MikybullCrypto/status/1780546491486007558?ref_src=twsrc%5Etfw">April 17, 2024</a>
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<p>According to a reputable crypto analyst alias Mikybull Crypto, Bitcoin price is likely to retest the support level of around $59k in the coming weeks before rebounding to a new high. Moreover, the daily Bitcoin’s Relative Strength Index (RSI) has been forming a bearish divergence amid the ongoing horizontal consolidation.</p> 
<p>Read Also : <a href="https://coinpedia.org/price-analysis/what-will-happen-if-the-bitcoin-price-drops-below-58k/">What Will Happen if the Bitcoin Price Drops Below $58k?</a></p> 
<p>The crypto analyst noted that Bitcoin’s Open Interest (OI), and funding rate have been at lower levels since the beginning of the year. With a possible $2.2 billion crypto liquidation if Bitcoin price drops to $57k, the crypto analyst is confident of a strong bullish implosion after the halving event.</p>

Bitcoin Price to Drop More Before Hitting New High Post Halving

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