Experts Predict Bitcoin Price Will Fall If BTC Repeats This Pattern
The rally in the crypto market continues as the upcoming Bitcoin halving event pushes BTC price past $72,715 and some downside headwinds are expected to resist the BTC price rise towards $80,000. Experts predict a decline, possibly a crash, if the BTC price chart pattern repeats a historical pattern.
A drop in Bitcoin price could trigger a market-wide decline, as seen during previous Bitcoin halving events and the recent Bitcoin ETF approval.
Bitcoin Price Correction Appears Amid Halving
Crypto investors are eagerly awaiting Bitcoin halving for further bullish momentum in the crypto market, but analysts have warned that there could be a correction if the BTC price forms a similar pattern as seen previously.
Analyst Benjamin Cowen He said that if BTC repeats a similar pattern seen during the spot Bitcoin ETF in the run-up to the Bitcoin halving, a decline in BTC price can be expected. He expects Bitcoin to form a new ATH after the halving and then fall below the $60,000 level.
Source: Benjamin Cowen
“Usually these patterns don’t repeat exactly, but I’m showing them here in case something similar happens again,” he added.
senior trader Peter Brandt reacted to the post and Bitcoin tends to follow similar historical patterns in past Bitcoin halvings. “The same basic pattern was prevalent in past bull markets in Bitcoin,” he said.
Source: Peter Brandt
Also Read: JPMorgan CEO Jamie Dimon’s Dire Warning on 8% Interest Rate; BTC to 100 thousand dollars?
Bitcoin Price Will Shift Down
BitMEX co-founder Arthur Hayes predicts a decline in Bitcoin prices before and after next week’s halving event. He suggests that US dollar liquidity will be restricted during this period, which will contribute to increased selling pressure on crypto assets.
Additionally, total outflows from spot Bitcoin ETFs were $223 million, and Grayscale Bitcoin ETF dragged total outflows towards the negative as outflows exceeded $300 million.
Options trading specialist Greekslive explained that Bitcoin is entering a pullback as investors mostly sell short-term bitcoin options. The market is still skeptical about the future trend due to the main period IV falling slightly. But a giant whale has 350 calls for the $200,000 strike price expiring in March 2025. Additionally, the whale stockpiled approximately 30,000 calls worth over $100,000 in all conditions.
BTC price increased by 4% in the last 24 hours, but the price regained some gains and is currently trading at $70,993. The 24-hour low and high are $69,654 and $72,715 respectively. Additionally, transaction volume increased by 90% in the last 24 hours.
BTC Futures Open Interest decreased by 0.30% in the last 4 hours and BTC Options Open Interest increased slightly in the last 24 hours.
Also Read: US Treasury Wants Stronger Crypto Controls for National Security
✓ Share:
Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Experts #Predict #Bitcoin #Price #Fall #BTC #Repeats #Pattern
