On Monday, the leading cryptocurrency Bitcoin fell sharply, dropping from 29,600 to 28,500. It is now consolidating within a narrow trading range between 28,300 and 28,600. However, Bitcoin price predictions appear bullish as the April 2024 halving approaches. Analysts anticipate that the event could push Bitcoin’s price to $50,000. Occurring approximately every four years, halvings have historically had a significant impact on the leading cryptocurrency’s value.
This time, market experts believe that the reduction in mining rewards could trigger a surge in demand, propelling the price of Bitcoin to new heights. In this update, we will explore the factors contributing to this bold prediction and analyze the potential implications for the crypto market.
Analyst Predicts April 2024 Halving to Send Price to $50,000
A recent Twitter analysis of Bitcoin’s past three days reveals “nothing has fundamentally changed,” according to renowned trader Elizy. In case of a breakout, Elizy anticipates a price target of up to $32,500, while a breach of a crucial trend line below the market price would necessitate a highly bearish outlook.
nothing has changed… if we keep the 3D we can sponge myself up to 32/32500 and then go down again… $BTC we lose the box and the
trendline and I will become really bearish https://t.co/XO4auJALuQ pic.twitter.com/FHwN9q1xem— EliZ¥ (@eliz883) April 30, 2023
Another trader, known as “J,” focused on the monthly close and observed that, based on its performance throughout the current halving cycle, the BTC/USD exchange rate had reached a historically significant level.
“On the monthly chart, we can see that Bitcoin has rallied to the 2021 lows, which represents a major resistance and supply zone,” J explained.
Bitcoin Price Prediction
At present, the live Bitcoin price is at $28,550, with a 24-hour trading volume of $18.4 billion. Over the last 24 hours, Bitcoin has seen a decline of nearly 2.5%. CoinMarketCap ranks Bitcoin as #1, with a live market capitalization of $554 billion. Technically speaking, Bitcoin, the leading cryptocurrency, trades with a bearish bias after failing to surpass the $30,000 resistance level.
On the four-hour time frame, Bitcoin has formed a three-black crows pattern and simultaneously fallen below the 50-day exponential moving average, previously supporting it around the $29,000 mark. The recent decline has pushed Bitcoin to around $28,600, with the next anticipated support level at $28,400. This particular support level previously acted as resistance on April 21st.
If BTC holds above $28,410, we could witness a minor upward correction toward $29,050. However, failure to maintain above the $28,410 level could result in a further drop towards $28,060.
Looking at the four-hour time frame, a trendline provides significant support of around $28,050. If there’s a break below this level, BTC could fall to the next major triple-bottom support level at $27,200. Usually, when trading assets drop below the 50-day exponential moving average, they continue to trade with a bearish bias, and we can expect something similar with BTC.
The RIS and MACD also indicate a selling bias, suggesting that the bearish trend remains today. As a result, it’s crucial to monitor the $29,000 level, as a drop below it may present a short-selling opportunity.
On the other hand, if BTC manages to break above $29,000, it could offer a buying opportunity up to the $29,920 or $30,600 resistance levels today.
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- Bitcoin Price Prediction – Analyst Predicts April 2024 Halving to Send Price to $50,000
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This article was written for Business 2 Community by Arslan Butt.
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