Bitcoin Price Prediction: Anticipating $150K Post-Halving Amid Market Corrections
Bitcoin Price Prediction
As Bitcoin trades at $61,577, down by approximately 2.50% with a $42 billion trading volume over the last 24 hours, market watchers are paying close attention.
With a market cap of about $1.21 trillion, Bitcoin continues to lead on CoinMarketCap. This cryptocurrency, with 19,685,362 BTC in circulation nearing its max of 21 million, is poised at a critical juncture.
The Bitcoin price prediction now hinges on upcoming market movements and technical indicators, closely monitored by investors and analysts alike.
Riot Platforms and CleanSpark Poised for Growth Amid Bitcoin Halving, Says Bernstein
Ahead of the upcoming Bitcoin halving, the “miner fear factor” is at an all-time high, driving investor focus towards Riot Platforms (RIOT) and CleanSpark (CLSK). Bernstein, in a recent research note, highlighted these companies as top picks, applauding their exceptional performance and leadership in self-mining hashrate.
Despite Bitcoin mining stocks lagging behind Bitcoin’s price year-to-date, the halving—which will cut mining rewards by 50% and slow Bitcoin supply growth—is expected around April 19-20.
This event historically precedes significant Bitcoin price increases, although this cycle saw early gains due to ETF approvals in January.
Market Context: Recent ETF approvals spurred early 2024 Bitcoin price increases, but a recent 15% drop in Bitcoin’s price followed due to slower ETF inflows.
Future Outlook: Bernstein anticipates a return to bullish trends post-halving as mining adjustments and resumed ETF inflows drive demand. They predict Bitcoin could reach $150K by 2025, supported by ongoing demand from wirehouses and registered investment advisors rolling out spot Bitcoin ETFs.
Bitcoin Price Prediction
Bitcoin (BTC/USD)‘s current pivot point sits at $64,566, serving as a key threshold for the day’s trading dynamics. The asset faces immediate resistance at $67,063, with further resistance levels observed at $69,394 and $72,732.
On the downside, Bitcoin finds strong support at $59,869. Should this level fail, subsequent support levels at $57,135 and $54,359 could come into play.
#BitcoinUpdate: BTC/USD hovers around pivotal $64,566. Faces resistance at $67,063, $69,394, & $72,732. Strong support at $59,869, with potential dips to $57,135 & $54,359 if breached. 2-hr RSI at 32 suggests bearish trend. Watch for moves beyond $63,850 for trend shifts. pic.twitter.com/tNoyN0RKPS
— Arslan Ali (@forex_arslan) April 17, 2024
The technical indicators on the 2-hour chart suggest a bearish sentiment. The Relative Strength Index (RSI) stands at 32, indicating that Bitcoin is potentially oversold but still under pressure as the RSI remains below the midline of 50.
This suggests continued bearish momentum in the short term. Additionally, the 50-Day Exponential Moving Average (EMA) at $63,850 acts as a resistance level, reinforcing the downward trend observed on the chart.
Bitcoin Price Prediction – Source: Tradingview
The current market setup shows Bitcoin navigating through a downward channel, with the $63,850 level aligning with both the 50 EMA and recent price actions to form a significant resistance zone.
Conclusion: While Bitcoin remains bullish above its immediate support at $59,869, a breach below this mark could trigger a sharp selloff, potentially testing lower supports at $57,135 and $54,359.
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