Has Bitcoin entered the danger zone?
Popular trader and analyst Rekt Capital gave a two-week deadline for any more significant dips to occur. He explained that Bitcoin has entered the Post-Halving ‘Danger Zone’ and is very near the Range Low. If additional downside volatility below the Range Low is to occur, it would be during the next two weeks.
Andrey Stoychev, the head of prime brokerage at Nexo, expressed that Bitcoin is unlikely to rally higher in the absence of a significant catalyst. After testing $64,000 more than once on the day, Bitcoin does signal the potential for a further climb upward. Despite this, any significant price rises could remain unrealized. Bitcoin may merely reach the upper bands of the established trading range of around $67,000.
While Bitcoin has seemingly formed strong support above the $60,000 mark, the potential dip below this level could still occur before rallying to new highs. with going into May, Bitcoin could fade to retest the support of the 20-week SMA, which would put Bitcoin at $56,000. Such a move would be healthy before going higher.
But Stoychev, doesn’t expect Bitcoin to fall below $60,000, unless U.S. interest rates remain high for more than expected. He expressed that unless there is a long period of high interest rates affecting sentiment towards digital assets for the remainder of 2024, it’s unlikely that Bitcoin will retrace that far back.
Source: different articles from Crypto.ro
*This is not financial advice*
