As the Bitcoin halving event approaches, the market predicts that the value of Bitcoin may surge to $50,000 or even $70,000. This important event, expected to take place on April 20, 2024, has attracted much attention for its significant impact on Bitcoin supply and demand. Currently, the global cryptocurrency market is in a sluggish performance, and Bitcoin has not yet recovered to its historical highs, causing investors to worry about potential fluctuations in its price. Against this backdrop, analysts and investors are paying close attention to key technical indicators such as support and resistance levels that will help reveal Bitcoin’s likely future direction.

Bitcoin price market performance

At the end of the trading day, Bitcoin (BTC) saw a slight increase in value, up 0.67% to a final price of $62,913.33. While today’s small increase brings some short-term positives, the outlook for Bitcoin still appears to be challenging given its performance over the past week and month.

In the past week, the value of Bitcoin has dropped by 8.79%, and in the past month, its price has fallen by 6.21%. This continued negative trend may cause investors to worry about the future value of the asset.

Despite recent downward pressure, Bitcoin remains at the top of the market, with a market cap of about $10 billion, according to CoinMarketCap. In the past 24 hours, Bitcoin's trading volume surged to $37.05 billion, up 18.17%, showing that the market remains active despite volatility. The current market volume-to-market cap ratio is 3.01%.

Just one month ago, on March 14, 2024, the price of Bitcoin reached an all-time high of $73,750.07. Since then, its price has retreated by about 14.7% from its peak. Given these fluctuations, investors may be more cautious in the market.

Market tensions escalate: Analysts predict whether Bitcoin can break through the $72,000 mark, short covering may trigger a price surge!

Some market analysts have suggested that Bitcoin showed some weaknesses in the market structure after breaking out of key lows. In particular, these experts noted that most market liquidity is concentrated around the $60,000 level, with weak support below this price point. Therefore, despite some concerns, the possibility of Bitcoin falling to $40,000 now seems unlikely, while a rise to $72,000 could trigger a significant short covering phenomenon.

In addition, comparing the current market situation with the bull market in 2021, analysts believe that the current stage is similar to that in September of that year, and the market may encounter some challenges before June. However, they are also optimistic about the rising potential of Bitcoin prices in the coming months and believe that the market has the opportunity to develop positively. If the value of Bitcoin falls below $60,000, it may further decline to the range of $54,000 to $58,000, with $50,000 becoming a potential target in the longer term.

Bitcoin price dynamics prediction

Yesterday, the price of Bitcoin briefly fell below the key $60,000 level, but quickly recovered. Similarly, Ethereum also experienced a pullback, with the price approaching $2,900 before rebounding. In the current market environment, Ethereum bulls seem to be actively protecting the market; although Bitcoin pulled back yesterday, other altcoins did not fully follow its downward trend, showing independent market momentum.

For the recent cryptocurrency market, Bitcoin is expected to fluctuate in a relatively narrow range of $60,000 to $73,000, especially in the last 1.5 days before the Bitcoin halving event. Late last night, the price of Bitcoin was close to the low of $60,000, and it is expected to rebound to the main focus of $64,000 in the near future; market volatility is expected to remain mild.

Currently, the short-term moving averages (including 10, 20, and 30 periods) show a bearish signal as Bitcoin continues to trade below these moving averages. However, in the long term, the 100-period and 200-period moving averages reveal a more optimistic picture as BTC's price remains above these long-term indicators, suggesting potential long-term upside.

The relative strength index (RSI) is currently in neutral territory, which suggests that Bitcoin is neither clearly oversold nor overbought at the moment, indicating that there is no clear price impetus in any particular direction.

Judging from the MACD indicator, its current sell signal indicates that the downward trend may continue.

As for potential market moves, if the Bitcoin price encounters a downturn, it is expected to find solid support in the range of 53,650 to 62,599, which could provide a good foundation for a rebound in prices.

In the event of an upside price move, Bitcoin could face significant resistance at 73,662 to 77,080 levels, which could temporarily hinder further gains.

Under current market conditions, Bitcoin’s price outlook presents a certain degree of uncertainty, oscillating between possible long-term downward pressure and short-term upside potential.

If Bitcoin sees a downtrend in the future, its price could drop to around $50,218, the support level of the 200-period moving average, which could pull it towards the key psychological level of $50,000.

Conversely, if Bitcoin can hold steady above the critical 62,599 Fibonacci support level and break above higher resistance levels, it could move towards the $70,000 price target, continuing its long-term uptrend.

Bitcoin future outlook

Although there is currently uncertainty about Bitcoin’s specific market indicators, its price has the potential to rise significantly following the upcoming Bitcoin halving event. Bitcoin's future price action will depend on how it responds to market volatility and its interaction with key support and resistance levels. Traders and investors should carefully monitor technical indicators and global macroeconomic conditions to assess whether Bitcoin can break through $50,000 or even reach the $70,000 milestone. Future market trends will be key in determining Bitcoin’s value, so maintaining focus on key economic indicators will be crucial.