The past few days have brought about a complete devastation in the world of cryptocurrencies. Bitcoin price had soared above $73,500 following consecutive all-time highs last month. Today, however, just hours before the halving, the scenario looks entirely different. So, what do the experts say about Bitcoin?
Analyst’s Commentary on Bitcoin
Bitcoin’s (BTC) price has entered a downward trend influenced by the emerging war scenario in the Middle East and escalating tensions, failing to maintain stability above the $65,000 mark before the halving.
In these days when Bitcoin appears to have lost its bullish outlook, many investors continue to follow BTC‘s price movements. The upcoming halving event remains particularly significant during this period.
In this context, cryptocurrency expert Ali Martinez, shared a post on X (formerly Twitter) on April 16. During this period, he highlighted notable resistance and support levels that investors should monitor specifically for BTC.
According to the expert, Bitcoin is currently in a consolidation phase within a parallel channel, and the chart clearly shows support at $61,000 and resistance at $72,400.
Martinez, based on this chart, stated that Bitcoin could move in either direction. A potential breakdown below the mentioned support could push Bitcoin below the $50,000 level.
Conversely, a potential upward movement, if bulls take control of BTC’s movement, could reach new highs and move above $80,000.
Despite the approval of spot crypto exchange-traded funds (ETFs) by regulators in Hong Kong, Bitcoin’s price movement has reflected a decline without nearing the $70,000 level.
This step offers Hong Kong and Chinese investors a new chance to invest following the crypto bans that emerged in 2021. Whether Hong Kong ETFs will bring about a Bitcoin rally similar to those seen in the US markets is also being questioned.
Bitcoin Price Outlook
After the initial drop, Bitcoin retreated from the level it reached, around $66,300, and is trying to regain the $63,000 level.
As of writing, Bitcoin, is finding buyers at the $62,500 level, and a nearly 5% correction has been observed in the last 24 hours. It wouldn’t be wrong to say that investors are acting nervously due to the war events and expectations surrounding the halving.
