Bitcoin Recovered After a Sharp Correction
Bitcoin started Friday with a sharp correction amid the geopolitical situation in the world. In just a few hours, the main cryptocurrency recovered all losses. The community is waiting for halving, which is just under 100 blocks away.
Bitcoin fell to $60,000 on Friday morning amid the geopolitical situation in the world. In just a few hours, the asset managed to fully recover, adding 6% in the last 24 hours. At the time of writing, Bitcoin is trading at $64,400.
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The sharp correction caused the liquidation of 290 million dollars in the entire cryptocurrency market. While the Bitcoin price was in a panic, whales remained calm, taking advantage of the moment. According to IntoTheBlock, these investors bought 16,300 BTC (nearly $1.04 billion) in the last week. Meanwhile, CryptoQuant noticed that more than 27,700 BTC were sent to hoarding addresses in a single 24-hour period between April 16 and April 17, which was a new daily record for Bitcoin.
Now that we are 15 hours and just under 100 blocks away from a major event in the crypto space, how will the Bitcoin price perform?
Many experts called this halving different from others because of several important factors, one of which was the launch of the Bitcoin ETFs.
However, experts from Rekt Capital are sure of the opposite. In their opinion, the current Bitcoin movement follows the same pattern as in previous times. Analysts also did not rule out Bitcoin entering the accumulation phase, which will be followed by a parabolic uptrend.
#BTC
— Rekt Capital (@rektcapital) April 17, 2024
3 Phases of The Bitcoin Halving
1. Final Pre-Halving Retrace
Bitcoin has produced two -18% retraces prior to the Halving in the span of just over a month
In mid-March, BTC pulled back -18% before recovering to $70000 and now in mid-April BTC has retraced -18% again
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Plan B also predicted a repeat of the cycle. More rosy forecasts provided Anthony Scaramucci. He believes that the price of the main cryptocurrency can reach $200,000 after halving.
But Deutsche Bank said that the halving rally has already partially played out, so one should not expect prices to soar after the event.
Bitwise stated that the halving could become a "sell the news" event. Meanwhile, JPMorgan predicts Bitcoin could fall to $42,000 after the halving.
Bitcoin is now trading near the $64,200 resistance level, aiming for the new $65,000 level. If the bulls manage to overcome this level, Bitcoin could continue its upward movement to the major resistance level of $66,500. Further growth could send the asset to the $67,500 level.
