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Bitcoin (BTC) today entered a downward trend again, trying to stay above the $60,000 level amidst larger sales before the halving. Indeed, some market followers indicate that Bitcoin could experience larger declines until the halving event.
Analyst’s Commentary on Bitcoin
Strategist Gareth Solway, on April 16, stated that geopolitical events and the consequent price drop triggered Bitcoin’s price to fall below a major support trend line that had been bolstering its rise since February.
Soloway emphasized that although the existing support trend line has been breached, the break has not fully materialized. Interpreting this situation differently, Soloway mentioned that during the period Bitcoin moves above the main trend line, the upward expectation is estimated at about 75%.
However, after the line is broken, the probabilities appear to have shifted to a more neutral 50/50 outlook.
If Bitcoin confirms dropping below Saturday’s lowest level of $61,300, the likelihood of a downward movement could significantly increase, potentially reaching up to 75%.
How Low Could Bitcoin Go?
Soloway’s prediction indicated the levels to which Bitcoin’s price could potentially fall if the decline is confirmed.
As the market worsens, investors need to be on alert. There’s no doubt Bitcoin is a risk asset, meaning it will drop when investors panic. If Bitcoin confirms the decline, the downward target will be $52,000-$49,000.
Yesterday, in line with Soloway’s prediction, Ali Martinez was monitoring Bitcoin’s process and advised investors to closely watch the $61,000 support level, also noting that $72,400 is seen as the primary resistance level.
Currently, Bitcoin’s potential rise is associated with reclaiming the $65,000 resistance area.
On the other hand, investors seem to be waiting for the upcoming Bitcoin halving, which is known to cut the new token supply by half. Historical reviews have shown that the halving event has presented a positive outlook for prices.
Bitcoin Price Analysis
While all this is happening, Bitcoin continues to trade at $60,650 despite momentarily dropping below $60,000, experiencing a correction of nearly 5% in the last 24 hours. On the weekly chart, BTC shows a 13% decline.
Recent price movements have necessitated a significant effort from Bitcoin bulls to keep the price above $60,000.
Potentially, dropping below this crucial level and sustaining it could mark the beginning of a decline for BTC.
