{"id":569421,"date":"2024-01-13T18:00:58","date_gmt":"2024-01-13T18:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=569421"},"modified":"2024-01-13T12:08:53","modified_gmt":"2024-01-13T12:08:53","slug":"here-are-the-reasons-bitcoin-price-could-drop-to-37000-before-the-halving","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/here-are-the-reasons-bitcoin-price-could-drop-to-37000-before-the-halving\/","title":{"rendered":"Here Are The Reasons Bitcoin Price Could Drop To $37,000 Before The Halving"},"content":{"rendered":"

The price of Bitcoin has been on a massive bullish momentum since the <\/span>approval and launch of Spot Bitcoin ETFs<\/span><\/a>. However, a crypto analyst, Jason Pizzino, predicts a temporary halt in the growing trajectory, citing Bitcoin\u2019s proximity to a crucial resistance point that could result in a significant price drop.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Retreats: ETF Dream Fades, Price Tumbles Under $42,000<\/a><\/div>\n

Analyst Foresees Bitcoin Price Correction<\/b><\/h2>\n

In a recent <\/span>YouTube video<\/span><\/a> published on Friday, January 12, Pizzino shared his insights into the current <\/span>market conditions of Bitcoin<\/span><\/a>, the world\u2019s largest cryptocurrency. According to the analyst, the <\/span>price of <\/span><\/a>the top crypto is expected to drop by 20% to 22%, reaching possible support levels of $37,000 to $39,000 before the Bitcoin halving.\u00a0<\/span><\/p>\n

<\/iframe><\/div>\n

The <\/span>halving<\/span><\/a> which is expected to take place in April 2024 is an event that would see Bitcoin mining rewards cut by half to reduce the number of new coins entering the market. This reduction effectively decreases the cryptocurrency\u2019s <\/span>total supply<\/span><\/a> and supposedly increases its value through scarcity.\u00a0<\/span><\/p>\n

Pizzino substantiated his predictions by pointing out that BTC is currently trading at a key resistance level in the bull market that could result in a significant price correction. He acknowledged that the excitement surrounding <\/span>Spot Bitcoin ETFs<\/span><\/a> has successfully pushed the cryptocurrency to its recent highs. However, the crypto analyst also highlighted a possibility of complacency following the present hype which could lead to a major <\/span>price correction.\u00a0<\/span><\/a><\/p>\n

Bitcoin slides back into the $42K territory. Chart: TradingView.com<\/a><\/pre>\n
While the crypto has experienced an impressive uptrend in recent months, Pizzino emphasized the significance of understanding historical price patterns and market behaviors. He stressed the importance of being prepared for any potential correction or retracement in the price of Bitcoin.\u00a0<\/span><\/p>\n
BTC Plunges Below $42,000<\/b><\/h2>\n
Following the official approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (<\/span>SEC<\/span><\/a>), the price of Bitcoin has been skyrocketing. The cryptocurrency <\/span>surged to $49,000<\/span><\/a> on Thursday, January 11, after Spot Bitcoin ETFs had launched and investors had started trading officially.\u00a0<\/span><\/p>\n
Related Reading: Lido (LDO) Action Heats Up: Nearly 90% Of Holders See Profits On Crypto Climb<\/a><\/div>\n
However, Bitcoin’s price experienced a massive downturn recently after news of <\/span>Vanguard<\/span><\/a> restricting its customers from trading Spot Bitcoin ETFs on its platform spread. As a result, the cryptocurrency experienced a <\/span>price drop<\/span><\/a> below $42,000, falling more than $7000 short of its 2024 peak of $49,000.\u00a0<\/span><\/p>\n
Presently, the coin has recouped some of its lost gains and at the time of writing it\u2019s current trading price is at $43,158.52 according to CoinMarketCap. While the dip is perceived as a temporary setback for the crypto market, it is also regarded as an opportunity to enter the market at more affordable price levels.\u00a0<\/span><\/p>\n
Featured image from Shutterstock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The price of Bitcoin has been on a massive bullish momentum since the approval and launch of Spot Bitcoin ETFs. However, a crypto analyst, Jason Pizzino, predicts a temporary halt in the growing trajectory, citing Bitcoin\u2019s proximity to a crucial resistance point that could result in a significant price drop.\u00a0 Related Reading: Bitcoin Retreats: ETF Dream Fades, Price Tumbles Under $42,000 Analyst Foresees Bitcoin Price Correction In a recent YouTube video published on Friday, January 12, Pizzino shared his insights into the current market conditions of Bitcoin, the world\u2019s largest cryptocurrency. According to the analyst, the price of the top crypto is expected to drop by 20% to 22%, reaching possible support levels of $37,000 to $39,000 before the Bitcoin halving.\u00a0 The halving which is expected to take place in April 2024 is an event that would see Bitcoin mining rewards cut by half to reduce the number of new coins entering the market. This reduction effectively decreases the cryptocurrency\u2019s total supply and supposedly increases its value through scarcity.\u00a0 Pizzino substantiated his predictions by pointing out that BTC is currently trading at a key resistance level in the bull market that could result in a significant price correction. He acknowledged that the excitement surrounding Spot Bitcoin ETFs has successfully pushed the cryptocurrency to its recent highs. However, the crypto analyst also highlighted a possibility of complacency following the present hype which could lead to a major price correction.\u00a0 Bitcoin slides back into the $42K territory. Chart: TradingView.com While the crypto has experienced an impressive uptrend in recent months, Pizzino emphasized the significance of understanding historical price patterns and market behaviors. He stressed the importance of being prepared for any potential correction or retracement in the price of Bitcoin.\u00a0 BTC Plunges Below $42,000 Following the official approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC), the price of Bitcoin has been skyrocketing. The cryptocurrency surged to $49,000 on Thursday, January 11, after Spot Bitcoin ETFs had launched and investors had started trading officially.\u00a0 Related Reading: Lido (LDO) Action Heats Up: Nearly 90% Of Holders See Profits On Crypto Climb However, Bitcoin’s price experienced a massive downturn recently after news of Vanguard restricting its customers from trading Spot Bitcoin ETFs on its platform spread. As a result, the cryptocurrency experienced a price drop below $42,000, falling more than $7000 short of its 2024 peak of $49,000.\u00a0 Presently, the coin has recouped some of its lost gains and at the time of writing it\u2019s current trading price is at $43,158.52 according to CoinMarketCap. While the dip is perceived as a temporary setback for the crypto market, it is also regarded as an opportunity to enter the market at more affordable price levels.\u00a0 Featured image from Shutterstock<\/p>\n","protected":false},"author":594,"featured_media":569425,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,1119,1144,6664],"class_list":["post-569421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-crypto"],"acf":[],"yoast_head":"\nThe Bitcoin Price Could Drop To $37,000 Before The Halving<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin has been on a massive bullish momentum since the approval and launch of Spot Bitcoin ETFs. 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here Are The Reasons Bitcoin Price Could Drop To $37,000 Before The Halving","url":"http:\/\/wncen.com\/news\/here-are-the-reasons-bitcoin-price-could-drop-to-37000-before-the-halving\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/here-are-the-reasons-bitcoin-price-could-drop-to-37000-before-the-halving\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/a-83.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/a-83.png?fit=473%2C263"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btcusd","crypto"],"dateCreated":"2024-01-13T18:00:58Z","datePublished":"2024-01-13T18:00:58Z","dateModified":"2024-01-13T18:00:58Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here Are The Reasons Bitcoin Price Could Drop To $37,000 Before The Halving\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/here-are-the-reasons-bitcoin-price-could-drop-to-37000-before-the-halving\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/here-are-the-reasons-bitcoin-price-could-drop-to-37000-before-the-halving\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/a-83.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/a-83.png?fit=473%2C263\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btcusd\",\"crypto\"],\"dateCreated\":\"2024-01-13T18:00:58Z\",\"datePublished\":\"2024-01-13T18:00:58Z\",\"dateModified\":\"2024-01-13T18:00:58Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/a-83.png?fit=473%2C263","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/569421"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=569421"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/569421\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/569425"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=569421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=569421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=569421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}