The cryptocurrency market began a sharp decline recently amid geopolitical tensions in the Middle East over the weekend. Although the sector has achieved a remarkable recovery yesterday, most cryptocurrencies have entered retracement mode again in the last 24 hours with significant drops.
The market's leading cryptocurrency, the Bitcoin (BTC) is down nearly 6% over the last day, experiencing a weekly pullback of over 11% as the halving event, scheduled for next Friday, April 19, approaches.
Renowned cryptocurrency analyst Ali Martinez noted that currently the cryptocurrency market it is remaking itself as it usually does around the halving event. According to the data shared by the expert, in 2012, 2016 and 2020, Bitcoin suffered a correction of 26%, 40% and 20%, respectively, before or shortly after the halving.
Currently, the #crypto market is retracing as it usually does around the #halving. Note that in 2012, 2016, and 2020, # Bitcoin experienced a 26%, 40%, and 20% correction before or shortly after the halving. pic.twitter.com/GZPPXHYfX7
— Ali (@ali_charts) April 15, 2024
In your analysis Technically, Martinez highlighted that the largest cryptocurrency on the market appears to be consolidating in a parallel channel, which makes the most important support and resistance levels at $61.000 and $72.400. According to the analyst, if BTC manages to overcome resistance, the price could chart a trajectory towards $86.000!”
“Let's keep things simple and just focus on support and resistance! It appears that Bitcoin has been consolidating in a parallel channel, which makes $61.000 the most important support level and $72.400 the most important resistance level. If $BTC breaks below support, it could fall to $56.200 or $51.600. But if BTC manages to overcome the resistance, the next price targets will be $79.000 and $86.000!”
At the time of publication, the Bitcoin price it was quoted at US$63.145,02, down 4.2% in the last 24 hours.
Halving Bitcoin: Analyst predicts rise to US$80.000 after event
As the fourth Bitcoin halving approaches, the cryptocurrency community is paying attention to possible price fluctuations. Historically, halving events impact prices, with Bitcoin rallies often coinciding with halving events.
Given the proximity and high expectations for the event, which is scheduled for this week, some experts estimate that the Bitcoin will experience a price surge towards the $80.000 level shortly after the halving.
Pseudonymous cryptocurrency analyst CryptoJelleNL highlighted in a shared analysis on April 15 that the largest cryptocurrency's three-day chart remains bullish, even with this weekend's recent consolidation below the crucial $70.000 zone. For the crypto expert, the $80.000 price level for BTC could be available soon.
