Bitcoin experienced the expected correction by dropping below 61,000 dollars, causing the crypto market to lose 250 billion dollars in two days. However, the market started to recover after the meeting of the US Federal Open Market Committee.
Block Reward Halving Approaching
Analysts are focusing on the expected fourth block reward halving of Bitcoin on April 21 and the potential returns that could follow. This halving will reduce mining rewards by 50% and is creating expectations for a long-term rally.
Investors Cautiously Optimistic
Analyst Trader Tardigrade suggests that Bitcoin could reach 200,000 dollars in this cycle, pointing to the significant gains following previous block reward halvings. However, there are concerns in the market about the possibility of a correction.
Although some of the recent losses have been recouped, there are concerns about the potential for further correction and even speculation that the bull run is over. Analysts advise investors to remain cautious in these periods.
Analyst CryptoCon indicates that the resistance level for Bitcoin is 69,000 dollars and current technical indicators suggest a peak could occur by the end of the year.
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