Bitcoin Price Forecast: BTC Plummets Pre-Halving – End of Bull Market?

Bitcoin Halving Event Impact on Price

As the cryptocurrency community eagerly awaits the upcoming Bitcoin halving event around April 19 or 20, speculations on how it will affect Bitcoin’s price are growing.

The scheduled reduction in mining rewards, leading to a decrease in the supply of new Bitcoins entering the market, has historically triggered significant price movements.

Current Bitcoin Market Status

• Bitcoin (BTC/USD) is currently trading near $63,000, showing a slight increase of 0.05% in the last 24 hours.
• The trading volume is approximately $44 billion.
• Bitcoin’s market capitalization remains strong at around $1.239 trillion.
• There are nearly 19.7 million BTC in circulation.

Bitcoin Price Analysis

Bitcoin (BTC/USD) has a pivot point at $61,415, crucial for determining its short-term direction.

Key resistance levels for Bitcoin include $64,873, $67,846, and $71,608, while support levels start at $58,181 and go down to $55,649 and $52,859.

Technical Indicators

• The Relative Strength Index (RSI) is currently at 41, indicating Bitcoin is neither overbought nor oversold, hinting at potential price stability.
• The 50-Day Exponential Moving Average (EMA) stands at $64,718, slightly above the current market price, suggesting a mild bearish sentiment in the short term.
• A ‘triple bottom’ pattern around the $61,400 level is providing strong support for Bitcoin.

Disclaimer

Cryptocurrency is a high-risk asset class. This article serves informational purposes only and should not be considered investment advice. There is a risk of losing all your capital when investing in cryptocurrencies.