Bitcoin and the global cryptocurrency market have recently experienced a downturn, with BTC struggling to achieve previous highs. Investors are especially concerned about price fluctuations due to the Bitcoin halving event, which is scheduled to take place on April 20, 2024. This event is known to affect supply and demand, adding an element of uncertainty to the market. While Bitcoin deals with this difficult environment, analysts and investors are monitoring key technical indicators to see if Bitcoin's future direction could be heading towards $50,000 or $70,000. is predicted.
Bitcoin price market performance
Over the past day, Bitcoin (BTC) price rose slightly, jumping 0.67% and settling today at $62,913.33. While this is a slight improvement in the short term, the overall trend over the past week and month does not provide a very positive outlook.
This cryptocurrency has decreased in value by 8.79% over the past week. Last month, BTC also turned red on the charts, suffering a loss of 6.21%. Investors may worry that this downward trend will reduce the value of their assets.
Despite these recent challenges, Bitcoin still maintains its position as the top cryptocurrency on the market, with a market capitalization of approximately 5 million yen, according to CoinMarketCap. Also, this coin has increased by 18.17% in the past 24 hours to reach $37.05 billion, indicating a decline in market activity. However, the market remains active as shown by his volume to market capitalization ratio of 3.01%.
BTC price hit an all-time high of $73,750.07 just one month ago, on March 14, 2024. Since then, the coin's price has fallen by approximately 14.7%, indicating a correction from its peak. This recent volatility may cause investors to be cautious when moving through the market.
The Bitcoin short squeeze is likely to be near $72,000. $60,000 support
Some analysts point out that the Bitcoin price breaking through a certain low means a compromise in the market structure. They emphasized that most liquidity is concentrated around $60,000 and support below that threshold is minimal. The possibility of Bitcoin falling to $40,000 is ruled out by the lack of liquidity, highlighting the possibility of a short squeeze if the price rises to $72,000.
Thinking in parallel with the 2021 bull market, we are at a stage comparable to September and could face a worst-case scenario just before June. They predict further gains in the coming months and believe there is still room for the market to turn in a positive direction. A drop below $60,000 could result in a drop from $54,000 to $58,000, indicating that $50,000 is the goal.
Bitcoin price prediction
Based on the technical analysis data provided, the outlook for Bitcoin (BTC) presents a complex situation with potential support and resistance levels that will influence the next movement of the price. The most important factors to consider are moving averages, oscillators, and MACD.
The short-term moving averages (10, 20, and 30 periods) show a bearish trend as BTC is trading below both the exponential and simple moving averages within these periods. On the other hand, the 100 and 200 period moving averages are showing a positive outlook as BTC price remains higher than these averages. This indicates the potential for long-term price increases in the future.
BTC’s Relative Strength Index (RSI) is currently in neutral territory, indicating that the token is neither in oversold nor overbought conditions. This means that the current price movement may not indicate a strong trend in a particular direction.
The MACD level is in the sell zone, which could suggest a continuation of the current bearish momentum.
On the downside, if Bitcoin price declines, there is strong support at the 53650 and 62599 levels, which could provide a foundation for Bitcoin to recover from the decline.
However, on the upside, if BTC price moves higher, there is resistance at the 73662 and 77080 levels that could prevent the price from rising further.
Based on current technical indicators, Bitcoin price predictions are uncertain and fluctuate between long-term negative trends and short-term positive trends.
If BTC faces a bearish trend soon, it could fall to the 200-period moving average support level near $50,218, potentially leading to a move towards $50,000.
Conversely, if BTC is able to hold support above key levels such as the Fibonacci support at 62599 and regain higher resistance levels, a move towards $70,000 could occur, reinforcing a long-term uptrend. It may continue.
conclusion
Although Bitcoin's current metrics are unclear, future outlook points to a potential rally following the upcoming halving event. BTC's future direction will be determined by its interaction with key support and resistance levels amid market volatility. Traders and investors should pay close attention to technical indicators and macroeconomic factors to determine whether Bitcoin will reach his $50,000 or $70,000 mark. Also, metrics that predict BTC's future trajectory should be closely considered.
