Bitcoin has dropped below $60,000 for the first time in two months. After a period of excitement, the crypto market is starting to calm down. Fading Euphoria Glassnode, a data analysis company, reports that the hype surrounding Bitcoin has cooled off. Investors are now more inclined to sell than buy. Selling Pressure After reaching a…
Bitcoin (BTC) has taken a hit, dropping to $56,556 on Wednesday morning in Europe. This is the lowest point since late February. The downturn is the sharpest monthly decline since November 2022, with BTC falling about 7.5% in the last 24 hours. Reasons for the Dip 1. Anxiety Before FOMC Meeting Investors are anxious about…
Key Findings Analyst Captain Faibik predicts Bitcoin (BTC) could reach a new all-time high this month. BTC is currently testing the daily Moving Average 100 (MA100) level, which has historically provided support. BTC’s price action on the daily timeframe suggests a bullish rise. The daily Relative Strength Index (RSI) indicates a potential price recovery. BTC…
Current Market Conditions Bitcoin is currently trading around $60,000, a level that has historically marked a turning point in its market cycle. Analyst Predictions Analyst Checkmate predicts that Bitcoin is entering a “chopsolidation” phase, a period of sideways movement with high volatility. This phase could last for approximately six months, followed by a period of…
Why It Matters Crypto analyst Ali Martinez says that $59,800 is a crucial level for Bitcoin. If the price drops below this level, it could trigger significant corrections. The Short-Term Holder’s Realized Price The short-term holder’s (STH) realized price is the average price at which short-term Bitcoin investors bought their coins. A drop to $59,800…
Institutional Adoption and ETFs Lark Davis, a crypto expert, believes that Bitcoin is poised for a wild bull run due to several factors. One key factor is the growing institutional acceptance of Bitcoin. The recent approval of Bitcoin spot ETFs in the US and Hong Kong has led to a surge in institutional investment, with…
Price Drop Scenario Crypto analyst DonAlt suggests that Bitcoin could drop to as low as $42,000. He believes this correction could be necessary for the continuation of Bitcoin’s bull run. Support Break and Washout DonAlt predicts that Bitcoin could break below its current support level of $60,000, leading to a drop to $52,000 or even…
Current State of Bitcoin Bitcoin’s price has struggled to stay above $65,000 since the halving event. It’s currently trading around $62,000, down slightly from the previous day. SOPR Ratio: A Bullish Indicator According to CryptoQuant analyst Phi Deltalytics, Bitcoin’s Adjusted Spent Output Profit Ratio (aSOPR) remains bullish. This means that, on average, people are still…
Past Halving Cycles as a Guide According to Rekt Capital, a cryptocurrency expert, Bitcoin’s price has historically surged after each Halving, an event that reduces the supply of new Bitcoin. In the past two cycles, Bitcoin peaked within 518 to 546 days after the Halving. If this pattern holds, Bitcoin could reach its peak in…
Legendary Trader’s Analysis Peter Brandt, a seasoned trader, has analyzed Bitcoin’s price behavior and suggests it may have peaked in its current cycle. He believes Bitcoin is showing signs of “Exponential Decay,” indicating a weakening in the momentum of its bull market cycles. Historical Bull Cycle Analysis Brandt analyzed Bitcoin’s previous bull cycles and observed…
