April 2024 to be the antidote of BTC’s recent fall below $70k – Analysts suggest

This year, Bitcoin has experienced something of a “rising from the ashes” experience. BTC was dancing around $20,000 before rising to $70,000. It has currently retraced to ~$66,000 and is testing the resistance at $68,000. Specifically speaking, Bitcoin is at $66,768.96 at the time of articulating this piece. That reflects a dip of 3.51% in the last 24 hours and 5.045 in the previous seven days. Speculation states that the token could navigate uncertainties to close the year at $100,000 or $125,000.

The majority of attention is on April 2024. Seeing how the month goes, it is all set to host the Halving event, wherein supply will be slashed, and the token will be made rare. Analysts predict that the month will be an antidote to the recent decline of Bitcoin, which has brought its value to below $70,000.

Analysts’ opinion on Bitcoin: The April story!

The opinions of notable analysts always drive speculations. While some come out in support of a bull run, others seek to take precautionary measures. BTC has the same kinds, except they have their words heavily weighed on the future, which could bring a strong bull run.

Zia ul Haque has signaled that the Halving month will be volatile. The price drop has reached the target of $69,000 as whales are hunting liquidation. More could be on the table, irrespective of how whales hunt. Zia has further highlighted that April will be better than March, as is evident from the fact that there has been a gain of 14.2% already.

Master Kenobi has highlighted another aspect. They have said that Bitcoin has, for the first time, closed the 7th green month consecutively. This is possibly a hint that Bitcoin has recorded growth in the 7th month back-to-back. It has sparked excitement within the community, which may still want to be aware of the volatile nature of the crypto market.

Ali_Charts sees solid ground for the token at $68,300. The price is below that mark, and the revised support is in the range of $65,250 and $63,150. They have further stated that it is vital for Bitcoin to sustain $70,320 for a major surge. As of now, the only positive news about BTC is that it has risen by 7.71% in the last 30 days. Every other aspect indicates a slip that may need to go down better for recent entrants.

Michaël van de Poppe has called the current phase consolidation, saying that Bitcoin is doing that calmly. They have printed two crucial levels for the token: $67,000 for support and $71,700 for a final breakout. Michaël has said that there could be a new ATH before Halving happens in April 2024. The token has broken the mark of $67,000, falling below that to test a new resistance altogether.

What can fuel the BTC price in April 2024?

Bitcoin prices are riding high on two things: ETF inflows and Halving. ETF inflows have done their job, and it is now up to Halving to leave a lasting impact. There is alternative speculation that while Halving may mark an uptick, the actual impact will be weak compared to the historical context.

The first quarter of 2024 saw the ETF bring around $12 billion, break the market cap of $1 trillion, and bring the total value to $59 billion. The rise has been notable at 68%, bringing the value from $38,500 to $73,777.

Fred Krueger, a notable crypto investor, believes that Halving has triggered an increase in the price in the past. But it could now soften to some extent. Bitcoin halving is more likely to soften the decline than greatly fuel the price surge. BTC price prediction continues to estimate a rise to $100,000 by the end of this year.

Tether is now reported to have added 8,889 tokens to its reserves, bringing the total number of tokens to 75,000, for a rough valuation of $5.3 billion. This came to light after a heavy transaction from Bitfinex’s hot wallet was noted.

BTC repeating history is obvious since Halving will certainly begin an upward trajectory. It is still recommended to exercise caution before considering investing in BTC at any moment. ETF inflows are driving the surge, and Halving could push it a little. The actual impact still carries uncertainty about the level of impact.

Conclusion

April 2024 is a crucial month for Bitcoin. It could decide where the token moves for the rest of the year. Halving will happen before the end of the month, but its impact could be more to soften the decline instead of strongly strengthening the exchange value.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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