Crypto expert explores bear market possibility as Bitcoin halving draws near

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Willy Woo, an analyst and co-founder at CMCC Crest, forecasted that a cryptocurrency market downturn could start if Bitcoin dipped below $59,000.

Based on Willy Woo’s analysis, if Bitcoin (BTC) drops below the $58,900 mark, which serves as a support level for short-term investors, there is a possibility that the market could shift into a downtrend.

Based on my observation, here’s how the markets appear to me:

— Willy Woo (@woonomic) April 15, 2024

An expert’s observation is that the decline in cumulative volume delta (CVD), which indicates market activity, has reached its maximum point. This signals that the uptrend is starting. He mentioned that the market’s fundamental structure hasn’t shifted since March, but there is a possibility of significant price fluctuations in April due to the halving event acting as a catalyst for volatility.

An analyst made the prediction that significant sell-offs of short positions could happen next within the $71,000 to $75,000 price range based on Bitcoin’s current market trends and chart analysis. He further emphasized that the ongoing accumulation during this price consolidation is likely to drive Bitcoin’s value past its previous record high.

Michael van de Poppe, founder of MN Trading, observed that Bitcoin’s price action resembled the current trend. Based on his analysis, the cryptocurrency has been holding steady between its support at $61,000 and resistance at $71,000.

Bitcoin is currently holding steady near its lower range after experiencing a significant drop in value. The market as a whole underwent a period of selling pressure. However, I anticipate that Bitcoin will challenge higher levels in the coming week.

— Michaël van de Poppe (@CryptoMichNL) April 15, 2024

April 13 saw BTC‘s price dip below $61,000 due to the deteriorating circumstances in the Middle East. The very next day, BTC bounced back, rising above $64,000. Notably, on that day, a significant amount of $955 million worth of trades were liquidated.

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2024-04-15 17:39