Bitcoin (BTC), the main cryptocurrency globally, has maintained sideways motion, consolidating close to the $51,000 mark. After initiating a rally in direction of $52,000 in late January, BTC has noticed its first unfavourable weekly shut in roughly 4 weeks. Currently, BTC is buying and selling barely decrease, down by 0.14% at $51,500, with a market capitalization of $1.011 trillion.
Key Bitcoin (BTC) Price Range to Watch
While everyone seems to be eagerly awaiting a rally in March forward of the Bitcoin halving event, JPMorgan believes that the rally is already priced in.
Popular crypto analyst Ali Martinez studies that the Bitcoin value is buying and selling between two important provide zones that might decide its short-term trajectory. The first provide zone, serving as a essential help stage, ranges from $50,000 to $51,570, the place roughly 1.3 million addresses maintain a complete of 670,220 BTC.
Conversely, the second zone, appearing as a formidable resistance barrier, spans from $51,640 to $53,200, with 752,600 addresses collectively holding 351,600 BTC. However, citing knowledge from Coinglass, Martinez additionally famous that “$76.38 million will be liquidated across the board if Bitcoin price jumps to $52,250!”
Analysts counsel {that a} decisive break above the resistance zone might pave the best way for a bullish upswing towards $57,130. Conversely, failure to maintain above the help zone could sign a corrective motion in direction of $47,700.
BTC Price Drop to $40,000 Not Ruled Out
Some market analysts have additionally requested traders to be cautious at this stage noting that Bitcoin value upside seems to be restricted from right here onwards. Crypto analyst Michael van de Poppe expressed uncertainty concerning the potential of an imminent correction in Bitcoin’s value.
He anticipates that the present rally might attain its peak inside the $54,000 to $58,000 vary. Following this peak, he predicts a big correction to the $40,000 to $42,000 vary, doubtless occurring after the halving occasion.
Furthermore, many market analysts predict a significant correction on Wall Street this yr. Last week, Bitcoin maximalist Max Keiser said {that a} 1987-like correction is probably going on Wall Street. Historically, Bitcoin value and the crypto market have crashed each time there’s been a significant correction on Wall Street. However, Max Keiser believes that Bitcoin will show to be a risk-off asset this time.
This is a standard misperception; #Bitcoin is a risk-off asset and the best secure haven asset accessible. https://t.co/dqltY7eGzq
— Max Keiser (@maxkeiser) February 25, 2024
The introduced content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty on your private monetary loss.
