Bitcoin (BTC) shows signs of a short-term price rebound following sudden losses simultaneously with heightened tensions in the Middle East. Market players attributed the recent downturn in Bitcoin and the broader cryptocurrency market partially to investor panic.
With Bitcoin breaking through the $65,000 resistance level, the main focus is whether it has overcome its recent challenges to start a new upward trend amid prevailing bullish factors such as the upcoming halving event.
In this regard, a crypto analyst with the pseudonym El_crypto_prof posted on X (formerly Twitter) on April 15. Based on Bitcoin’s recovery, he pointed out that the tumultuous market behaviour of the past few days may have been exaggerated. He highlighted that short-term price movements are insignificant. The analyst suggested that the rebound indicates the bull run is far from over.
“All this panic in the last few days was completely unnecessary. It just shows how unimportant short-term price action is. It’s often just noise. The bull market is far from over,” the expert said.
The incredible week Of Bitcoin
Meanwhile, the bullish moment has emerged as crypto trading expert Michael van de Poppe pointed out that Bitcoin is entering a massive week. In an X post on April 14, the analyst maintained that the ongoing price fluctuations might present favourable buying opportunities for investors. He sees one of the imminent events driving attention as the approaching Bitcoin halving week, which has long been associated with bullish sentiments.
Additionally, Poppe noted that approving spot exchange-traded funds (ETFs) for Ethereum (ETH) and Bitcoin in Hong Kong adds further significance to the week’s developments.
Hong Kong became the second region to approve such products in 2024, following the decision by the US Securities and Exchange Commission (SEC) in early January. However, while the US has given the green light to 11 spot Bitcoin ETFs, it has yet to approve an Ethereum ETF.
Overall, the outlook for Bitcoin this week appears intriguing, with the halving event ranking as a top event to watch. Indeed, the recent correction may present buying opportunities, considering Bitcoin’s historical tendency to rally after halving events.
Bitcoin price analysis
Bitcoin has stabilized above the $65,000 support level, with investors eyeing it as a potential jumping-off point toward the $70,000 mark. The Bitcoin price was trading at around $66.38 at the press time, indicating a nearly 3% increase over the past 24 hours. However, on the weekly timeframe, BTC has seen a nearly 8% decline.
Source: CoinmarketCap
Despite recent short-term gains, investors should exercise caution as Bitcoin may still navigate turbulent waters. The asset remains susceptible to further volatility, particularly as the situation in the Middle East continues to develop.
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Furthermore, the authorโs views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
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