Bitcoin's (BTC) recovery and attempts to regain an all-time high above $73,000 have stalled, with the asset currently trading below the $70,000 mark amid forecasts of a halving move. Recent price movements have led to bearish predictions for the bitcoin price, with some market participants believing that these predictions are part of a pre-halving pullback.
For example, #cryptocurrency trading expert Alan Santana noted in a March 23 TradingView article that the bearish bias in #bitcoin remains strong and warned investors to prepare for a sell-off.
With bitcoin unable to overcome the $65,000 resistance level, Mr. Santana expects bitcoin to continue its downtrend in the coming days and weeks. The analyst expects this downtrend to follow a pattern of bottoms, accumulation and reversal signals before a possible recovery.
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According to analysts, bitcoin is consistently trading above the exponential moving average 21 (EMA 21), which confirms the bearish sentiment in the market. Santana predicts that the next short-term target for bitcoin is around $59,000, with a quick breakout of this level expected. Subsequent levels to watch are $55,000, with a possible bottom at $BTC Just remember that the initial collapse will be quick, with about 20-30% disappearing and not coming back for 6-8 months," he said.
Looking at the short-term bitcoin trend line, trading experts note that the cryptocurrency is currently in bearish territory. This suggests that negative sentiment prevails among traders.
Notably, bitcoin needs to overcome and close above $68,500 to move to bullish sentiment, and a move above $66,666 would be a preliminary positive sign.
For this chart to show bullish potential, bitcoin needs to move above $68,500 on the close; a move and close above $66,666 is a good start; if it trades below $65,000, the bearish sentiment will remain intact," he added.
Bitcoin has seen increased volatility over the past few days, at one point reaching the $60,000 mark. Analysts partially attribute this correction to overheated market conditions, calling it a "pre-halving pullback.
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