Bitcoin is testing the key $60,000 resistance level on the downside, creating concern in the markets. This situation may lead to negative effects not only for Bitcoin but also for Ethereum and other altcoins. Cryptocurrency expert CryptoJelleNL evaluated the current situation in the Bitcoin and altcoin market and drew attention to the struggle between bulls and bears. He stated that Bitcoin is testing its bottom levels in the short term and patience is required for a possible rise.
Current Situation in Bitcoin and Altcoin Markets
Cryptocurrency analyst CryptoJelleNL advises investors to be patient in the face of current market volatility. While Bitcoin is expected to test the $70,000 levels, the analyst remains optimistic despite the weak outlook of the market. Michael van de Poppe emphasized that periods of consolidation and capitulation may indicate a new upward trend in the market.
Analysts suggest that Bitcoin's market movements have peaked, which could indicate a downtrend. In particular, Ali Martinez states that if Bitcoin falls below the critical support level of $ 61,000, it may retreat to $ 56,200, but if this support is maintained, it may rise to $ 66,500.
Future Potential of Bitcoin
The focus in the cryptocurrency world is on Bitcoin's fourth block reward halving event. This halving can lead to prices rising as supply decreases by 50 percent and demand remains constant or increases. Market observers and analysts expect prices to rise following this halving.
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I EXPLAIN IN DETAIL.
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