Bitcoin may fall below $60K before ‘Hate Halving Rally’: Crypto Analyst

A cryptocurrency analyst with IncomeSharks predicts that Bitcoin could soon trade for less than $60,000. Such a fundamental change may lead to a contagion effect where investors start to sell their shares leading to a further decline. According to IncomeSharks, this decline would eliminate investors who are still clinging to the idea that the price will only go up from the current level.

According to the analyst, the investors, who are currently simply hopeful, could soon become the first people to invest in Bitcoin. Additionally, he foretells a gathering referred to on the social media platform X as a “hate halving rally.”

According to IncomeSharks, the cryptocurrency analyst’s tweet, there is a high chance that Bitcoin prices will fall below the $60,000 mark soon.  With this expected fall, the market should be able to eliminate those repentant sellers.

The analyst believes that most investors are still in their buy positions, hoping there will be no further crash and stability. This closing of support will cause holders who believe in it to lose their hopes, thus giving the Sharks of Income a chance to ‘hate halving.’

IncomeSharks released the previously mentioned prediction right before the Bitcoin halving event that was expected to take place soon, which happens roughly every four years. This process reduces the number of new Bitcoins released by half, effectively implementing anti-deflationary measures. Traditionally, such occurrences have been known to be the catalysts for Bitcoin’s price increase.

Financial professionals are paying close attention to and speculating on the upcoming Bitcoin halving. Many experts and investors have already paid close attention to its potential impact on equities. There is a consensus among experts that the imminent halving, which reduces the quantity of Bitcoins produced with each iteration, could significantly alter market behavior and likely cause Bitcoin’s value to increase substantially.

IncomeSharks’ prediction brings together recent movement trends in the crypto market. Another crypto analyst, Ali Martinez, pointed out that the resistance of around $62,000 is the critical support level for Bitcoin. If Bitcoin fails to maintain its position above this level, the spotlight may shift to the $51,500 level of support. However, Martinez also notes a potential positive shift: if Bitcoin could break above $66,250, it would likely increase the odds of a market rebound to a great extent.

Lately, eminent financial commentator Jim Cramer advised against investing in the Bitcoin mining company Marathon Digital Holdings Inc. Conversely, he recommended that investors contemplate Bitcoin or Ethereum.

Consequently, according to the most recent data from Benzinga Pro, the current buying and selling price of Bitcoin is $61,562. The 24-hour moving average has experienced a fluctuation of 0.48%. More significantly, the coin has increased in value by 39.37% since the beginning of the year.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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