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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Apr 03, 2024 06:07 UTC
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Bitcoin Price Crash Challenges $100K Dream Before Halving
The price of a single Bitcoin falls by 6% this Tuesday, leading to an overall drop of 8% this week. The sellers gain control over the short-term BTC price trend amidst the market-wide sell-off spree, powering a crash in altcoins.
As the supply wave recedes a bit as it tests the $65K mark, the BTC price takes a short relief, putting an intraday growth of 1%. However, the larger picture speaks of a bullish entry despite the correction due to a price pattern.
Further, with the US Bitcoin Spot ETFs hitting a daily net inflow of $40 million this Tuesday, the recovery chances are getting stronger. But will the bulls survive the fall and hit the Bitcoin price prediction of $100,000 before the halving?
Bitcoin Price Performance
With a 6% rise last week, the BTC price trend has lost the recovery momentum this week. Bitcoin is trading at a discount of 8% at $66,120 and has recently tested the crucial support of $65,000.
With two consecutive bearish candles, the daily chart of Bitcoin showcases a negative cycle at play. The downfall is inching closer to the dynamic support of the 50-day EMA as it rests at the 23.60% Fib level.
The 6% drop this Tuesday leads to a $357 million long-liquidation and sets a strong bearish tone in the short term, per Coinglass.
Chances Of BTC Price Hitting $100K This Month
As per the BTC price action, the long-term trend showcases a bearish channel consolidation. However, Bitcoin forms a bullish flag pattern with the prevailing bull run, teasing a trend continuation.
Further, with the resurfacing daily net inflows and the upcoming Bitcoin halving, the price of a single BTC could exceed $75,000. However, the market value reaching the $100,000 mark seems like a post-halving target under present market conditions.
On the flip side, a correction under the 50D EMA could test the 38.20% Fibonacci level at $60,289.
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