Crypto currency markets had another challenging day, and Bitcoin’s price began to decline. The price, which had been gradually increasing over the days, is now plummeting within a few quick 15-minute periods. This situation shows how cautious investors remain.
Why Is Bitcoin Falling?
As this article is being prepared, the continuing decline brought the BTC price down to $60,379, and it is likely to hit new lows as the writing continues. There are several issues we often highlight in videos and articles. The excitement of halving is behind us, and ETF shock entries have now become more balanced. On the other hand, the macroeconomic front is in a particularly messy state.
Lastly, we see that the SEC has started to follow a comprehensive war strategy for crypto. Robinhood and the Ethereum ecosystem, among other stakeholders, have faced a severe attack. For a long time, Federal Reserve members have been more cautious about interest rate cuts and have repeatedly stated that the decrease in inflation has stalled.
Therefore, considering the historical post-halving consolidation story, we might not see massive gains in Bitcoin prices for several weeks or even months. Moreover, as the weather warms up and the “sell and go on vacation” mode is activated, we might witness this trend. If, contrary to this assumption, we see a significant rise, it would be a complete surprise. Crypto loves surprises and we should not forget that despite the downturns, the market trend is still upward and will reach new highs in the long term.
Bitcoin Price Prediction
Bitcoin reached a low of $60,255 and then recovered to $60,885 in the second phase of this article. BTC managed to recover in 97 fifteen-minute candles but quickly dropped again within a few hours. We discussed in detail in the first part why this might continue in the medium term.
If the sales continue, a new low could be sought in the range of $58,000 and $54,000. Of course, these rapid losses mostly benefit investors looking for short-selling opportunities in altcoins. Even so, it should not be forgotten that opening large positions against the middle of an upward trend can trigger significant losses.
