Fun

Bitcoin slips below $60K, but some traders aren’t turning bearish on BTC just yet

News Feed - 2024-04-18 06:04:00

Zoltan Vardai2 hours agoBitcoin slips below $60K, but some traders aren’t turning bearish on BTC just yetDespite Bitcoin briefly falling below the $60,000 mark, the cycle could be entering a reaccumulation period, according to one crypto analyst.1964 Total views18 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin price briefly fell below $60,000 only a few days before the much-anticipated Bitcoin halving. Yet, many traders remain optimistic about Bitcoin’s long-term price outlook based on historical chart patterns and institutional inflows.Bitcoin remains in pre-halving “danger zone”


Despite the recent price correction, Bitcoin (BTC) reclaimed a key moving average indicator, which signaled the start of the bull runs during previous market cycles, according to popular crypto analyst Moustache, who wrote in an April 16 X post:“Many people are expecting much lower prices, but I’m not… BTC reclaimed the [blue] line last month, now backest. When this happened in 2012, 2016 and 2020, Bitcoin was just getting started.”BTC/USD, 1-month chart. Source:Moustache


Bitcoin has been in the pre-halving “danger zone” for a month since March 14, according to popular crypto analyst Rekt Capital, who wrote in an April 17 X post:“It has been a month that Bitcoin has been in the ‘Danger Zone’ (orange). In that time, Bitcoin has retraced twice -18% in March and now almost -16% thus far.”BTC/USD, 1-week chart. Source:Rekt Capital


The pseudonymous analyst added that Bitcoin could already be entering a reaccumulation phase, in an April 17 video posted on X:“We’ve seen the pre-halving retrace take place because -17% downside has occurred already, so maybe we’re slowly transitioning to the re-accumulation period.


Following the Bitcoin correction, key technical indicators have been reset, suggesting that Bitcoin is no longer overbought now that it fell on the daily chart to 41, down from 58 on April 8.BTC/USD, 1-day chart. Source:TradingView


Bitcoin price has falle over 7% during the past week. The main reason behind the drawdown could be the recent geopolitical tensions between Iran and Israel, according to John Patrick Mullin, CEO and founder of Mantra, who told Cointelegraph:“A major event took place this week with Iran and Israel. Crypto markets are more fast-moving than any on the planet, hence events like this reflect almost instantly, which is what we’ve seen. What I will say though, is that a bounce back was seen right after, which is very optimistic long term.”


The current drawdown is considered a healthy correction, as the outlook for the next 18 months remains bullish, according to Mullin:“Another angle to consider is that historically, miners sell BTC around halving, so short term it could be bearish. But these are healthy corrections, as BTC has been bullish consistently for quite a while, so anything offsetting euphoria is good long term.”


Related:ETH price nears 3-year lows vs. Bitcoin — Will an Ethereum ETF stem the tide?Bitcoin ETF inflows will drive post-halving rally


Bitcoin traders also remain optimistic thanks to the continued inflows from the 10 spot Bitcoin exchange-traded funds (ETFs) in the United States and the recent approval of spot Bitcoin ETFs in Hong Kong, which are set to launch for trading over the next two weeks.


The Bitcoin ETFs have seen over $12.5 billion in net inflows since launch, amassing over 838,000 BTC, worth $53.7 billion in total holdings, according to Dune.


While the post-halving period is usually followed by short-term price stagnation, this cycle could be different due to the approval of Bitcoin ETFs, according to Ivo Georgiev, CEO of Ambire. He told Cointelegraph:“[This halving] is different because BTC received institutional approval in the form of an ETF, so there’s a lot more retail and institutions watching this one. It doesn’t happen completely in the background as it did before. It isn’t just a party for crypto natives.”


The listing of the first batch of Bitcoin ETFs in Hong Kong will also contribute to Bitcoin’s price rally, according to Mantra’s CEO, Mullin, who said:“More and more ETFs announced globally means an inflow of ‘fresh’ funds that weren’t in crypto before, so this is a factor I still see as underrated by most analysts in terms of the scale of the funds coming in. It’s not just BlackRock and Grayscale and Hong Kong, but many more will come, in size crypto hasn’t seen before.”


Related:Bitcoin supply to run out on exchanges in 9 months — Bybit


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# ETF# Markets# Bitcoin HalvingAdd reaction

News Feed

Victoria Kennedy11 hours agoAI could revolutionize human resources, but there are risksWhile AI has the power to revolutionize human resources, it also leaves HR professionals open to certain risks.410 Total views47 Tota
Tether issued on TON blockchain at a ‘great start,’ says CEO — Now at $60M
Martin Young5 hours agoTether issued on TON blockchain at a ‘great start,’ says CEO — Now at $60MTether announced its collaboration with the TON Foundation just two days earlier at the Token2049 event in Dubai, wit
World Gold Council Exec Believes Blockchain Technology Will Bolster Trust in the Gold Industry
World Gold Council Exec Believes Blockchain Technology Will Bolster Trust in the Gold Industry The World Gold Council’s (WGC) head of global sales and regional CEO, Joe Cava
Bitcoin, Ethereum Technical Analysis: BTC Drops by Over $2,000 in the Last 24 Hours
Bitcoin, Ethereum Technical Analysis: BTC Drops by Over $2,000 in the Last 24 Hours Cryptocurrency prices plunged in today’s session, as markets reacted to the latest U.S. i
$8 XRP Breakout Brewing — SEC No Longer A Roadblock, Bullish Analyst Says
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Brayden Lindrea8 hours agoBitcoin Lightning Network growth jumps 1,200% in 2 yearsA report from the Bitcoin-only exchange River suggests increased Lightning usage will play a key role in Bitcoin becoming a better medium
World-Leading Cloud-Mining Service Provider BitFuFu Launches ANTMINER Coupons Trading Function
World-Leading Cloud-Mining Service Provider BitFuFu Launches ANTMINER Coupons Trading Function press release PRESS RELEASE. On 21st February, BitFuFu will announce the launch of the
Riot Platforms boosted BTC output by 19% in 2023, mines 6,626 Bitcoin
Ciaran Lyons7 hours agoRiot Platforms boosted BTC output by 19% in 2023, mines 6,626 BitcoinWhile several of Riot Platform’s competitors mined more Bitcoin in 2023, Riot is preparing for 2024’s Bitcoin halving after
NFT Trade Volume Jumped 23% Higher This Week Capturing Close to $1 Billion in Sales
NFT Trade Volume Jumped 23% Higher This Week Capturing Close to $1 Billion in Sales Non-fungible token (NFT) sales have increased by 23.56% over the last week, as $945.2 million in
Auditing Firms Claim Crypto.com Lost $15 Million in Incident as Users Report Suspicious Activity
Auditing Firms Claim Crypto.com Lost $15 Million in Incident as Users Report Suspicious Activity Crypto.com, a leading cryptocurrency exchange, experienced an incident on January 1
New Philippines Central Bank Governor: Crypto Investors Are Adherents of the Greater Fool Theory
New Philippines Central Bank Governor: Crypto Investors Are Adherents of the Greater Fool Theory The incoming governor of the Philippine central bank, Felipe Medalla, has suggested
VanEck Gives Official Backing To Donald Trump’s Bitcoin Reserve Strategy
On Tuesday, Matthew Sigel, the head of digital asset research at asset management firm and crypto exchange-traded fund (ETF) issuer VanEck, officially endorsedPresident-elect Donald Trump’s proposal for a national stra