Published
1 month ago on
April 07, 2024
A market summary report by the American crypto exchange Coinbase noted that the struggling phase for Bitcoin is coming and it will be tough to see an inflow of money in the market.
The current trade price of Bitcoin (BTC) is $69,400 & this trade price has been 2% higher over the last 24 hours.
#Bitcoin at $69k, Just before 14 days of Bitcoin halving pic.twitter.com/bTtelp6Q1Y
— Bitcoinik (@Bitcoinikdotcom) April 7, 2024
On behalf of the current sentiments & trade pattern, popular crypto analyst Titan of Crypto predicted that Bitcoin will reach at least $100,000, citing a Bollinger Bands squeeze followed by expected volatility to the upside.
Analysts also warned against being swayed by market sentiment, which could hinder potential gains.
#Bitcoin $100,000 is the bare minimum.
— Titan of Crypto (@Washigorira) April 6, 2024
After the Bollinger Bands squeeze comes the expansion with the extreme volatility it brings.
This volatility is likely to surge to the upside.
As always market sentiment ruins future gains of majority.
You've been warned.pic.twitter.com/QyCxV4IIdv
On 5 April 2024, Top American crypto exchange Coinbase published a market commentary report and noted that nowadays the Bitcoin market is facing a significant outflow of money.
As per the report, the majority of Bitcoin investors are eyeing the “Bitcoin halving” as the main event for Bitcoin to see the pump in the trade price.
In short, the majority of the Bitcoin investors are going to sell their Bitcoin just after Bitcoin halving. And obviously, that will be a very bad situation for the Bitcoin & crypto market.
According to a Coinbase report, the Bitcoin market currently needs a new narrative to gain bullish momentum in advance, otherwise, chances of high volatility with down prices are more over the pump.
On behalf of travel volume data, the Coinbase report noted that the trade volume is getting down sharply and also outflow of money from this market is taking place simultaneously.
According to popular cointracking platform Coinmarketcap, In the past 24 hours, the crypto market saw a total trading volume of $61.78 billion, marking a 33.25% decrease compared to the previous day.
Now it will be interesting to see the upcoming new narrative for the Bitcoin market that will bring new bull sentiments.
According to the Bitcoininik team, the majority of the big players will remain active in the Bitcoin investment journey even after halving, as Bitcoin always showed a 100% increment in the trade price post-bitcoin halving.
And also we will be able to see some significant inclination toward the Bitcoin market by the political leaders of the US, ahead of the Presidential election.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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