Bitcoin is under immense selling pressure at spot rates, tracking lower from the all-important resistance level of $66,000. Although BTC may even crash below the psychological line at $60,000 towards $56,500 or May 2024 lows, some analysts are upbeat.
Bitcoin Drop Is Normal Post-Halving: Analyst
Taking to X, one analyst explained that the current correction is a normal part of its cyclic market cycle. If anything, savvy traders should continue accumulating on dips, targeting Q1 2024 all-time highs, and expect prices to chart fresh territories.
Looking at the formation in the daily chart, the analyst insisted that the current Bitcoin price action aligns with historical trends, especially the weeks after the network halves miner rewards.
Bitcoin is now in the fifth epoch after Halving on April 20, slashing miner rewards from 6.25 BTC to 3.125 BTC, significantly impacting miner revenue streams.
As things are, BTC finds itself in a familiar pattern, even with the 12% correct
We współpracy z: https://bitcoinist.com/bitcoin-dump-expected-btc-boring-zone-whales-exit/
