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Bitcoin (BTC) 
$108,073 has maintained its movement since January 19. A notable cryptocurrency analyst predicts that Bitcoin may drop to $85,000 by April. This forecast sheds light on the current price fluctuations of Bitcoin.
Reasons for Bitcoin Price Decline
Following fluctuations in January, Bitcoin’s price has remained between $107,000 and $92,700. This consolidation phase has also led to declines in the prices of altcoins recently. According to the expert, if a crash occurs, the extent of the price drop is a significant concern.
Popular analyst Ansem forecasts that by April 2024, the Bitcoin price could fall to $85,000. This prediction is based on technical analysis and is supported by similar price movements observed in the past.
“Many recall August, but what if we remember April?” – Ansem
The 30-day Market Value to Realized Value (MVRV) ratio indicates that Bitcoin is in a precarious zone. This suggests a high likelihood of Bitcoin holders realizing profits and potentially selling, which may signal a short-term correction.
Key Levels to Watch
On Bitcoin’s four-hour chart, the $102,000 level stands out as a crucial support point. A break below this level could drive Bitcoin’s price even lower. Meanwhile, the resistance point at $110,000 is also under close observation.
If Ansem’s prediction comes true, the selling pressure must pull the price below $92,700. In that scenario, a decline to the $85,000 level is anticipated. Such potential fluctuations in the Bitcoin market are significant indicators for traders. Technical analysis and on-chain metrics could play a crucial role in shaping Bitcoin’s future movements.
Bitcoin’s price movements are critical for the overall health of the cryptocurrency market and investor confidence. Experts are closely monitoring market trends to predict possible future movements.
- Bitcoin price may drop to $85,000 in April.
- Analyst Ansem made predictions based on technical indicators.
- The 30-day MVRV ratio supports the possibility of a price drop.
