Will Bitcoin Price Crash Again to $50,000 Before Bitcoin Halving?

Will Bitcoin price crash again to $50,000 before the upcoming Bitcoin halving? Let's take a look at this Bitcoin price prediction article

Prasanna Peshkar

Prasanna Peshkar

April 2, 2024 6:47 AM

Will Bitcoin Price Crash Again to $50,000 Before Bitcoin Halving?

Bitcoin’s price has initiated a fresh downturn subsequent to encountering resistance around the $70,000 mark. As a consequence, BTC has experienced a decrease exceeding 5.61%, with a breach below the critical support level of $67,500. Will Bitcoin price crash again to $50,000 before the upcoming Bitcoin halving? Let’s take a look at this Bitcoin price prediction article in more detail.

Bitcoin Price Prediction: How has the Bitcoin price moved recently?

As of the latest update, the price of Bitcoin is $66,392, accompanied by a 24-hour trading volume of $59.51 billion. Its market capitalization stands at $1.31 trillion, while its dominance in the market is at 51.80%. Over the past 24 hours, Bitcoin’s price has experienced a decline of -5.61%.

Bitcoin reached its peak price on March 14, 2024, achieving an all-time high of $73,628. Conversely, its all-time low of $0.050000 was recorded on July 17, 2010. Since attaining its all-time high, Bitcoin’s lowest price has been $60,942 (cycle low), and its highest price has been $71,646 (cycle high). Presently, the sentiment surrounding Bitcoin’s price prediction is neutral, while the Fear & Greed Index stands at 79, indicating extreme greed.

The current circulating supply of Bitcoin is 19.67 million BTC out of a maximum supply of 21.00 million BTC. The annual supply inflation rate is presently at 1.78%, leading to the creation of 343,788 BTC in the past year.

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Bitcoin Price Prediction: Can a strong correction happen again?

Bitcoin encountered difficulties in establishing stability above the $70,000 resistance threshold. Following the breach of the $69,200 support level, BTC responded with a downward trajectory. This descent intensified with a notable break below the $68,500 mark.

Subsequently, the price further depreciated below $67,000, ultimately reaching a critical point near $66,000 with a bearish inclination. A trough was established in the vicinity of $65,992, from which the price is currently endeavoring to initiate a recovery phase. Notably, there has been a movement surpassing the $66,800 level in this recovery attempt.

On March 31, within the daily timeframe, Bitcoin’s price reached its zenith at $70,763, positioning itself for a monthly closure with a 17% increase. Nevertheless, the recent statement issued by US Federal Reserve Chairman Jerome Powell has ignited optimism among Bitcoin traders, potentially catalyzing a favorable beginning to April 2024.

On Friday, March 29, Powell conveyed to reporters that there is “no reason” to speculate that the risks of a US recession are heightened. Due to this, the possibility of strong correction.

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Bitcoin price Prediction: Will it reach $80,000 before Bitcoin halving?

Should Bitcoin prove unable to surpass the resistance zone at $68,000, a continuation of its downward trajectory may be anticipated. Immediate support on the downside is anticipated around the $66,000 mark.

The initial significant support level rests at $65,000, followed by a subsequent support level at $64,000. In the event of a close below $64,000, there is potential for the price to initiate a decline towards the $62,500 threshold. Further losses beyond this point could prompt a descent towards the support zone at $60,500 in the near future.

Analyzing the current trends and factors influencing Bitcoin’s price, there are several indicators suggesting a potential for further upward movement. Over the past year, Bitcoin has demonstrated remarkable growth, surging by 140%. This impressive performance not only outpaced a majority of the top 100 crypto assets but also surpassed Ethereum, a significant competitor in the cryptocurrency market.

Furthermore, Bitcoin’s price is currently trading above its 200-day simple moving average, indicating a bullish sentiment in the market. Additionally, with 17 green days out of the last 30, representing 57% of the trading days, there appears to be sustained positive momentum.

Considering Bitcoin’s high liquidity, as evidenced by its substantial market capitalization, there is ample room for significant price movements. The current price of $66,657.13 underscores the asset’s strength and stability.

In light of these factors, it is plausible to anticipate Bitcoin’s price continuing its upward trajectory and reaching $80,000 before the Bitcoin halving in April 2024.

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Prasanna Peshkar
Article By

Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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