why is bitcoin going down

The post Bitcoin Price Prediction: Potential -40% Drop Before Anticipated April Halving appeared first on Coinpedia Fintech News

The cryptocurrency market has stabilized at around $2.6 trillion, with Bitcoin aiming to surpass $67,000. Altcoins have seen significant 20–40% declines against USD and BTC, hinting at potential volatility ahead. The impending Bitcoin halving, slated for April 16–25, is further influenced by the current market stability.  In a recent YouTube video by Rekt Capital, he …

why is bitcoin going down

The post Bitcoin Price Prediction: Potential -40% Drop Before Anticipated April Halving appeared first on Coinpedia Fintech News

The cryptocurrency market has stabilized at around $2.6 trillion, with Bitcoin aiming to surpass $67,000. Altcoins have seen significant 20–40% declines against USD and BTC, hinting at potential volatility ahead. The impending Bitcoin halving, slated for April 16–25, is further influenced by the current market stability. 

In a recent YouTube video by Rekt Capital, he deeply analyzed the possibility of Bitcoin undergoing a significant price retracement following its rejection from the $70,000 price level. The analysis compared past retracement patterns, noting that while retracements of 18% to 40% happened in past cycles, the likelihood of a 40% retracement in the current cycle is expected by the analyst.

 A minor pullback or a long dive to the new ATH? Let’s find out analysts’ views on the BTC journey. 

Importance of Stability and Pre-Halving Retracement

The analyst further discussed establishing stability around current price levels, particularly during the pre-halving retracement phase. Despite the expected volatility leading up to the halving event, the analysis viewed it as a transitional phase towards sideways movement and eventual price discovery. This transitional period was a critical juncture for market participants, requiring a clear understanding of market dynamics and historical trends.

He advises new traders to capitalize on potential buying opportunities amidst market fluctuations. By leveraging historical data and technical analysis, investors could position themselves advantageously for the next phase of market movement.

Moreover, historical trends, particularly the transitional phase preceding the halving event, tend to involve sideways movement and reaccumulation. Understanding these phases is crucial for navigating the market effectively.

Preparing for Market Dynamics

Looking at the market scenario, investors were advised to get ready and stay alert, seeing how the market is set up now as a possible chance to get a good deal. Even though Bitcoin (BTC) prices have decreased, buyers are still optimistic about the currency, especially since its halving event is coming soon. Analysts think BTC could do very well in April because it has usually done well over the past few years. This hope is stronger because Bitcoin’s halving event could positively impact BTC.