Bitcoin Price Prediction as BTC Bounces From $60,000 Level – More Selling Incoming?
04/18/2024 16:18
As Bitcoin navigates the uncertain waters around $61,650 after a 4% decline, the looming April 20 halving could catalyze further market turbulence.
Last updated: | 3 min read
As Bitcoin teeters around the $61,650 mark after a 4% drop, its behavior hints at potential volatility. With the dollar’s rise linked to paused rate cuts enhancing its appeal, Bitcoin faces an opposite effect—diminished attraction due to the anticipated long-term high rates.
This positions Bitcoin at a precarious juncture, especially as the market braces for the April 20 halving, expected to slash mining rewards.
This event and the dollar’s strength may heavily influence upcoming Bitcoin price prediction, pressing investors to closely monitor both market reactions and economic indicators.
Bitcoin Declines as Dollar Strengthens Amid Rate Cut Pauses
As the US dollar experiences its strongest five-day surge in 14 months, Bitcoin has seen a notable decline, falling 9% to $63,936. This drop is influenced by the likelihood of prolonged high interest rates, which tend to reduce the appeal of riskier assets such as Bitcoin.
The inverse relationship between Bitcoin and the dollar typically sees Bitcoin gain popularity when the dollar weakens. However, with the upcoming Bitcoin halving on April 20—which will halve BTC mining rewards—investors are watching the markets closely.
Bitcoin drops as dollar eyes ‘best 5-day run’ in 14 months on expected rate cut hold
The Bloomberg Dollar Spot Index (BBDXY) — which tracks the performance of a basket of 10 leading global currencies versus the U.S. dollar — has climbed by approximately 2% over the last 5… pic.twitter.com/k3kFpxB7Wm
— Lilac (@ChristinaH94232) April 17, 2024
Despite Bitcoin’s current 52% market dominance, the broader economic concerns and high interest rate expectations are putting downward pressure on cryptocurrency values.
- Bitcoin’s 9% drop coincides with the dollar’s significant rise.
- April 20 Bitcoin halving anticipated to impact mining rewards.
- Market watches closely as economic and rate concerns dominate.
LBBW Partners with Bitpanda for Crypto Custody Services, Targeting Corporate Clients
Germany’s largest state-backed bank, LBBW, is set to offer cryptocurrency custody services through a partnership with Bitpanda, starting in the second half of 2024. This move, initially targeting corporate clients, marks a significant step for institutional adoption of cryptocurrencies like Bitcoin and Ethereum.
LBBW’s entry into the crypto custody market, facilitated by Bitpanda’s established infrastructure, reflects a growing interest among traditional financial institutions in cryptocurrency services.
🚨BREAKING: Germany's Largest Federal Bank LBBW to Offer #Crypto Custody Services With Bitpanda! 👀
Germany is becoming a crypto hub. 0% taxes after 1 year holding on cryptocurrencies! 🔥 pic.twitter.com/eBGh77183S
— JackTheRippler ©️ (@RippleXrpie) April 15, 2024
Such partnerships are poised to enhance market liquidity and attract more institutional investors, potentially boosting Bitcoin’s demand and reinforcing its position as a mainstream asset class.
- LBBW to launch crypto custody services with Bitpanda in late 2024.
- Focus on corporate clients, enhancing Bitcoin and Ethereum accessibility.
- Potential to boost market liquidity and institutional interest in cryptocurrencies.
Bitcoin Halving’s Long-Term Impact Underestimated, Says Bitwise
Bitwise Asset Management highlights that while immediate effects of Bitcoin halvings on its price have historically been minimal, their long-term impact significantly boosts its value.
The typical pattern shows negligible price changes in the month following a halving, but substantial increases over the following year, suggesting that the market may undervalue these events’ long-term effects.
Despite this, industry experts remain wary, anticipating potential declines and miner sell-offs post-halving.
The current market cycle is the first time #Bitcoin has hit an all-time high before halving.$BTC hit its current $73,679 peak on March 13; it has since corrected 16% to a low of $61,500.https://t.co/vguvfj0zSq
— Cointelegraph (@Cointelegraph) April 17, 2024
Although recent market corrections and predictions point to short-term volatility, historical trends suggest Bitcoin could experience considerable gains in the year after the halving, reinforcing optimistic long-term forecasts.
- Minimal immediate price impact post-halving; significant long-term gains observed.
- Industry experts anticipate short-term volatility and potential declines.
- Historical patterns suggest substantial gains for Bitcoin one year post-halving.
Bitcoin Price Prediction
Bitcoin (BTC/USD)’s pivot point holds at around $62,216. Immediate resistance lies ahead at $64,606, with further barriers at $67,695 and $70,959. On the downside, significant support levels are found at $59,418, $56,271, and $53,182.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.