Bitcoin (BTC) has dipped below the $65,000 support level amidst a decrease in market risk appetite. Experts suggest that Bitcoin must maintain a price above $65,000 post-halving to potentially reach a new all-time high.
However, trading analyst Alan Santana predicts further correction for BTC as market frustration grows due to prolonged consolidation. Santana highlights $51,000 to $53,000 as the next significant support level to monitor, according to a TradingView post on April 25.
Bitcoin Faces Significant Correction Amidst Market Frustration
Market Analysis: Despite briefly touching the $57,000 mark, analysts believe this price level lacks significance and is unlikely to hold. Instead, a swift downward movement is anticipated due to Bitcoin’s prolonged consolidation phase lasting over a month.
Bitcoin price analysis chart. Source: TradingView
Projected Correction: Analysts predict that Bitcoin could drop as low as $40,000, representing a correction of about 37% from its current value. The market sentiment suggests impatience and readiness for a decisive move forward.
Market Sentiment: “The market is ready and the market is fed up,” stated trading expert Alan Santana. He emphasized the need to accept short-term declines while remaining confident in Bitcoin’s long-term growth trajectory.
Future Outlook: Despite short-term fluctuations, Santana remains bullish on Bitcoin’s prospects, predicting a potential price surge to $250,000 by 2025. He advises newcomers to view price drops as opportunities to enter the market.
Bitcoin Faces Sell Signals Amidst Market Uncertainty
Analyst Ali Martinez has highlighted potential sell signals for Bitcoin, including the TD Sequential and a death cross chart pattern. With this pressure, Bitcoin is expected to drop below the $60,000 level.
Death cross and TD Sequential sell signal on BTC 12-hour price chart. Source: @ali_charts
Despite the correction, many view Bitcoin’s current price movement as a post-halving retracement typical of historical patterns. Amidst this sentiment, the consensus remains bullish on Bitcoin’s long-term potential, with projections suggesting a rally to $150,000 following the halving, according to Standard Chartered Bank.
Bitcoin’s recent dip below $64,000 has put the market on edge, with attention focused on its subsequent trajectory. Breaking out from the extended consolidation phase will be crucial for the digital asset’s future performance. At the time of writing, BTC traded at $63,970, with daily losses nearing 4% but showing over 2% gains on the weekly timeframe.
The ongoing struggle between Bitcoin bulls and bears intensifies as they aim to sustain the cryptocurrency’s value above the critical $60,000 mark.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
