Bitcoin Price Prediction as BTC Bounces 10% From Recent Bottom – New Rally Starting?
Bitcoin Price Prediction
Bitcoin (BTC), the leading cryptocurrency, recently showcased its resilience by rebounding above $66,270, a significant recovery from a recent low of $62,000. This downturn was initially triggered by the onset of the Iran-Israel conflict, causing substantial liquidations among crypto investors. With that in mind, Bitcoin price prediction seems bearish, ahead of Bitcoin haling event.
Despite this, Bitcoin swiftly recouped its losses, propelled by the anticipation of the forthcoming Bitcoin halving event around April 20—an event historically known to precipitate significant bullish momentum in the market.
The total market capitalization of cryptocurrencies climbed to $2.42 trillion, reflecting a 24-hour increase of 4.76%. Alongside Bitcoin, other major cryptocurrencies like Polkadot and Uniswap witnessed over 10% gains.
Nevertheless, the volatile market saw about $1.5 billion in bullish positions liquidated during the weekend, underscoring the high stakes and unpredictability amidst geopolitical tensions. This instability challenges the notion of cryptocurrencies as stable safe havens during global crises.
Impact of Recent Bitcoin Transfers from Dormant Wallets on BTC Price
Recent transfer of 50 Bitcoins by a long-time cryptocurrency miner, after 14 years of dormancy, has caught the attention of the cryptocurrency community. This significant transaction, now valued at over $3 million, reflects the early days of Bitcoin when each token was worth only a few dollars.
This event is part of a trend where old Bitcoin wallets are becoming active again, hinting at potential market impacts and highlighting the historical significance of Bitcoin’s early years.
Therefore, the recent transfer of 50 Bitcoins from a long-dormant wallet, along with similar movements from old Bitcoin wallets, could impact BTC’s price due to market attention and increased liquidity from these significant transactions.
US Government’s Bitcoin Holdings and Validation for BTC Price Boost
The U.S. government’s notable Bitcoin holdings of 212,847 BTC, valued at $15 billion, underscores Bitcoin’s legitimacy as a significant asset class. Such substantial investment not only boosts Bitcoin’s price but also enhances its appeal to potential investors, likely increasing market demand.
https://x.com/ArkhamIntel/status/1778741086418059740
The visibility into these holdings, provided by platforms like Arkham, aids in demystifying the cryptocurrency landscape. This transparency encourages broader investor engagement and fosters positive sentiment towards Bitcoin, potentially leading to price appreciation.
U.S. holds over $15 billion in Bitcoin, bolstering BTC’s legitimacy.
Transparency in government holdings may increase investor participation.
Positive market sentiment likely to drive Bitcoin’s price higher.
Bitcoin Price Prediction
Today’s analysis of Bitcoin (BTC/USD) reflects a moderate upswing, with its price currently at $65,990, marking a 0.50% increase. The cryptocurrency navigates a complex landscape, with its immediate pivot point set at $66,610.
Surpassing this level could expose Bitcoin to resistance marks at $68,729, followed by $71,532, and potentially reaching up to $73,698. On the downside, crucial supports are positioned at $62,407, $58,829, and further down at $55,754, indicating substantial fallback zones if bearish trends take hold.
Bitcoin Price Prediction
Technically, the Relative Strength Index (RSI) at 45 suggests neutral momentum, neither particularly bullish nor bearish. Meanwhile, the 50-day Exponential Moving Average (EMA) stands at $68,566, hovering above the current price, suggesting that Bitcoin needs to surpass this average to regain a stronger bullish outlook.
In summary, Bitcoin’s current technical stance indicates a tentative market with potential for volatility, contingent on breaking key resistance or support levels.
Top 15 Cryptocurrencies to Watch in 2024
Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2024. Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.
Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.
The post Bitcoin Price Prediction as BTC Bounces 10% From Recent Bottom – New Rally Starting? appeared first on Cryptonews.