For analysts, the decline in bitcoin was expected after the strong rise and days before the halving occurs. Moderation seems to have taken over the cryptocurrency market, especially for Bitcoin, which days before the halving now fell below US$70,000 (at the time of writing this article) after reaching historical records.
For analysts, the decline in bitcoin was expected after the strong rise and days before the event occurs.
Halving in sight
The focus remains on Bitcoin, with the next halving scheduled for April 19-20. Although halvings have traditionally coincided with bullish cycles, pessimistic voices are gaining strength this time, suggesting that the impact on prices may not be as significant as in the past.
There is uncertainty about the future behavior of Bitcoin prices, especially with the success of BTC ETFs, the effect of which could have partially anticipated the potential halving momentum. However, open interest for $BTC and $ETH perpetual futures has reached all-time highs in dollar terms, indicating strong activity in the derivatives market.
Regarding macroeconomic factors, the US inflation data for March, which will be released soon, could influence Bitcoin prices. A rise in inflation could support the recent tightening stance of the Federal Reserve (Fed).
From a technical standpoint, 10x Research and Matrixport analyst Markus Thielen suggests that bitcoin's recent bullish move puts it in a favorable position to hit new all-time highs. According to Thielen, a bullish breakout could take bitcoin above $80,000 in the coming weeks.
What is your analysis? I read you in comments.
