May 23, 2024
Bitcoin's at $67,982, Headed for Unpredictable Action
Bitcoin price today

Bitcoin’s at $67,982, Headed for Unpredictable Action

Thursday, April 4, 2024: Bitcoin Price is trading at $67,982, demonstrating remarkable strength in the first quarter of 2024, registering one of its most robust performances in the past three years. However, analysts caution that this could result in significant volatility as the Bitcoin halving approaches. Crypto analyst Phoenix Desmond, addressing his 11,700 followers, emphasizes the potential for erratic price movements in the lead-up to the halving event.

Impressive Q1 Figures

During Q1, Bitcoin witnessed a remarkable 64% surge in price, marking its third-best quarter performance in the last three years according to data from Kaiko Research. Starting the year at $44,172, Bitcoin closed the quarter at $71,255, showcasing substantial growth.

Source: Kaiko Research

Desmond highlights the unprecedented market conditions reflected in Bitcoin’s consistently strong performance in weekly and monthly closings, especially surpassing previous all-time highs. Such a trend, he argues, is unparalleled in Bitcoin’s history.

In the last two weekly closes leading to March 31, Bitcoin experienced a notable 6.09% surge, climbing from $67,234 to $71,333, as reported by Yahoo Finance data.

Anticipation Surrounding the Bitcoin Halving

With the Bitcoin halving scheduled for April 20, speculation is rife regarding its potential impact on the cryptocurrency’s price trajectory. Analysts anticipate a supply shock effect, potentially driving further upward movement in the second quarter of 2024.

Bitcoin’s price over the past 12 months. Source: CoinMarketCap

Despite this anticipation, investor sentiment regarding Bitcoin’s short-term direction remains neutral. Liquidations on both short and long positions have balanced out over the past 24 hours, with liquidations totaling $16.27 million and $16.77 million, respectively, based on CoinGlass data.

Analyst Perspectives and Narrative Shifts

Popular crypto analyst Rekt Capital suggests that Bitcoin’s trajectory in the upcoming quarter may not mirror its previous performance. Predicting resistance levels near the all-time highs of the first quarter, Rekt Capital forecasts a consolidation phase for Bitcoin, ranging between $60k and $70k in the weeks leading up to the halving.

Short and long positions remain fairly balanced for Bitcoin over the past 24 hours. Source: CoinGlass

The launch of spot Bitcoin exchange-traded funds (ETFs) by major asset management firms in January heightened interest and speculation around Bitcoin’s price. However, some experts, like Michael van de Poppe, foresee a potential narrative shift away from Bitcoin shortly. Van de Poppe suggests that the pre-halving interest coupled with the spot ETF launch may have caused additional liquidity, leading to a slowdown in Bitcoin’s momentum and a return to normal price levels. He anticipates a new narrative emerging in the market soon.

As Bitcoin continues its journey through the volatile cryptocurrency landscape, investors remain attentive to market indicators and analyst insights, preparing for potential shifts in sentiment and narrative.

Image by freepik

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