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No one imagined such a halving week, overshadowed by war, would be one of the most significant events of 2024. The fate of cryptocurrency is somewhat like this; if you recall, during the ETF approval process in January, the SEC had everyone on strings. The hacked X account, the removed announcement, and the delayed approval included a long warning with Gensler’s stern looks. Every good day in crypto is susceptible to turning into a nightmare.
Bitcoin (BTC) and Crypto Predictions
Crypto in 2024 contained many strong price catalysts. Halving was one of them, and as the date of April 20 approached, new peaks were expected with strong demand through the ETF channel while the situation was calm.
Then Iran almost flattened the risk markets with hundreds of rockets, most of which missed their targets. The truth is, the only place Iran’s rockets hit was the cryptocurrency markets. You can clearly see this in the long sell candle on the Bitcoin chart.
Experts’ Comments on Crypto
Popular cryptocurrency analyst Skew pointed out in a recent market update that closures above $62,000 are noteworthy for a significant jump. Today, the BTC price has dropped below $62,000 several times. Skew emphasizes the upcoming weekly closure, noting an atmosphere of risk aversion in the exchanges.
Whalemap, tracking whale liquidity levels, points to key regions at $52,000 and $48,000 for potential overselling. The Whalemap team wrote;
“We experienced excitement at $70,000. We enabled smart money to profit. We created a consolidation range. Now we are at the lowest levels. If you believe in Bitcoin – it’s time to keep believing. Otherwise, we are in for a bumpy ride.”
According to CoinGlass data, there is a significant sell wall at $64,000, and while waiting for closures above $71,700, we can say that the current position is certainly not good for BTC. If regional tensions do not calm down quickly, conditions could worsen.
Bitcoin Whales
In the latest assessment by Santiment, the focus was on the brighter side. The company, examining the current accumulation status of the largest BTC investors, wrote that purchases have continued since March.
“The key holder group of Bitcoin continues to show interest in the king crypto currency. The ongoing sales down to $61,500 have not convinced them to sell their assets.”
Since March 1, investors owning between 100 BTC and 1,000 BTC have accumulated 44,000 BTC.
