{"id":603847,"date":"2024-04-18T16:30:29","date_gmt":"2024-04-18T16:30:29","guid":{"rendered":"https:\/\/wncen.com\/?p=603847"},"modified":"2024-06-11T07:00:00","modified_gmt":"2024-06-11T07:00:00","slug":"bitcoin-price-fell-below-58000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-fell-below-58000\/","title":{"rendered":"Here\u2019s What Would Happen If The Bitcoin Price Fell Below $58,000"},"content":{"rendered":"

Crypto analyst Crypto Rover<\/span><\/a> has provided insights into what could happen if <\/span>the Bitcoin price drops below $58,000<\/span><\/a>. The flagship crypto has continued to suffer price declines lately and risks dropping to that price level if it manages to break the <\/span>crucial $60,000 support level<\/span><\/a>.\u00a0<\/span><\/p>\n

What A Drop Below $58,000 Would Mean For The Bitcoin Price<\/h2>\n

Rover mentioned in a <\/span>video<\/span><\/a> on his YouTube channel that Bitcoin <\/span>dropping below $58,000<\/span><\/a> would mean a breakdown for the flagship crypto token. He, however, quickly added that there\u2019s still a lot of liquidity in the market, which he believes Bitcoin can take in and help drive its price <\/span>back above $60,000<\/span><\/a> if the drop below $58,000 happens.\u00a0<\/span><\/p>\n

Related Reading: XRP Price Set For 3,000% Rally To $22, Analyst Predicts<\/a><\/div>\n

He sounded optimistic about Bitcoin’s quick recovery if it dropped below $58,000. He revealed that he would not close his positions but rather open millions of dollars long positions if the flagship crypto dropped between $57,000 and $60,000.<\/span><\/p>\n

Meanwhile, Crypto Rover revealed that Bitcoin is still in the middle of a \u201cgigantic and enormous <\/span>consolidation phase<\/span><\/a>\u201d and that Bitcoin will have a \u201cmassive breakout\u201d when this consolidation period ends. For now, he highlighted that Bitcoin’s top side is still trending downwards while Bitcoin\u2019s low side is trending upwards.\u00a0<\/span><\/p>\n

Therefore, Crypto Rover claimed this is causing a \u201ccompression\u201d in <\/span>Bitcoin\u2019s price<\/span><\/a>. However, once this compression ends, Bitcoin will come out with a \u201cbanger,\u201d the analyst added. Crypto Rover then alluded to the funding rates, which are currently negative. He noted that historically speaking, negative or low funding rates are always a <\/span>Bitcoin buying opportunity<\/span><\/a>.\u00a0<\/span><\/p>\n

The Big Gains Are Yet To Come For BTC<\/h2>\n

Crypto Rover also noted that the majority of Bitcoin\u2019s gains always come after the <\/span>Bitcoin halving<\/span><\/a> and not before. As such, despite the crypto token rising to a new all-time high (ATH) before the halving, the analyst asserted that \u201cwhat we have seen so far is nothing for what we are about to be getting.\u201d<\/span><\/p>\n

Related Reading: XRP Whales Are On The Move Again, But Are They Bullish Or Bearish?<\/a><\/div>\n

He suggested that the halving event would be the catalyst for <\/span>Bitcoin\u2019s rise to $100,000<\/span><\/a>, mainly because it would create more scarcity. This would undoubtedly help increase Bitcoin\u2019s value, especially if <\/span>its demand<\/span><\/a> continues to skyrocket. However, such a price surge might not come immediately, considering that Bitcoin\u2019s price <\/span>tends to increase<\/span><\/a> 6 to 12 months after the halving.\u00a0<\/span><\/p>\n

Hannah Phung, a lead analyst at on-chain analytics platform <\/span>SpotOnChain<\/span><\/a>, also recently made that observation, although she admitted that things could be different this time around, as this market cycle looks to be more different and mature than past ones.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $60.900, down almost 5% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price recovers above $62,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from PYMNTS, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Crypto analyst Crypto Rover has provided insights into what could happen if the Bitcoin price drops below $58,000. The flagship crypto has continued to suffer price declines lately and risks dropping to that price level if it manages to break the crucial $60,000 support level.\u00a0 What A Drop Below $58,000 Would Mean For The Bitcoin Price Rover mentioned in a video on his YouTube channel that Bitcoin dropping below $58,000 would mean a breakdown for the flagship crypto token. He, however, quickly added that there\u2019s still a lot of liquidity in the market, which he believes Bitcoin can take in and help drive its price back above $60,000 if the drop below $58,000 happens.\u00a0 Related Reading: XRP Price Set For 3,000% Rally To $22, Analyst Predicts He sounded optimistic about Bitcoin’s quick recovery if it dropped below $58,000. He revealed that he would not close his positions but rather open millions of dollars long positions if the flagship crypto dropped between $57,000 and $60,000. Meanwhile, Crypto Rover revealed that Bitcoin is still in the middle of a \u201cgigantic and enormous consolidation phase\u201d and that Bitcoin will have a \u201cmassive breakout\u201d when this consolidation period ends. For now, he highlighted that Bitcoin’s top side is still trending downwards while Bitcoin\u2019s low side is trending upwards.\u00a0 Therefore, Crypto Rover claimed this is causing a \u201ccompression\u201d in Bitcoin\u2019s price. However, once this compression ends, Bitcoin will come out with a \u201cbanger,\u201d the analyst added. Crypto Rover then alluded to the funding rates, which are currently negative. He noted that historically speaking, negative or low funding rates are always a Bitcoin buying opportunity.\u00a0 The Big Gains Are Yet To Come For BTC Crypto Rover also noted that the majority of Bitcoin\u2019s gains always come after the Bitcoin halving and not before. As such, despite the crypto token rising to a new all-time high (ATH) before the halving, the analyst asserted that \u201cwhat we have seen so far is nothing for what we are about to be getting.\u201d Related Reading: XRP Whales Are On The Move Again, But Are They Bullish Or Bearish? He suggested that the halving event would be the catalyst for Bitcoin\u2019s rise to $100,000, mainly because it would create more scarcity. This would undoubtedly help increase Bitcoin\u2019s value, especially if its demand continues to skyrocket. However, such a price surge might not come immediately, considering that Bitcoin\u2019s price tends to increase 6 to 12 months after the halving.\u00a0 Hannah Phung, a lead analyst at on-chain analytics platform SpotOnChain, also recently made that observation, although she admitted that things could be different this time around, as this market cycle looks to be more different and mature than past ones.\u00a0 At the time of writing, Bitcoin is trading at around $60.900, down almost 5% in the last 24 hours, according to data from CoinMarketCap. BTC price recovers above $62,000 | Source: BTCUSD on Tradingview.com Featured image from PYMNTS, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":603861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-603847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nHere\u2019s What Would Happen If The Bitcoin Price Fell Below $58,000<\/title>\n<meta name=\"description\" content=\"Crypto analyst Crypto Rover has provided insights into what could happen 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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\u2019s What Would Happen If The Bitcoin Price Fell Below $58,000","url":"http:\/\/wncen.com\/news\/bitcoin-price-fell-below-58000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-fell-below-58000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Bitcoin-price-Small.jpeg?resize=200%2C192","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Bitcoin-price-Small.jpeg?fit=320%2C192"},"articleSection":"Cryptocurrency Market News","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":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-04-18T16:30:29Z","datePublished":"2024-04-18T16:30:29Z","dateModified":"2024-06-11T07:00:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here\\u2019s What Would Happen If The Bitcoin Price Fell Below $58,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-fell-below-58000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-fell-below-58000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin-price-Small.jpeg?resize=200%2C192\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin-price-Small.jpeg?fit=320%2C192\"},\"articleSection\":\"Cryptocurrency Market News\",\"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\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-04-18T16:30:29Z\",\"datePublished\":\"2024-04-18T16:30:29Z\",\"dateModified\":\"2024-06-11T07:00:00Z\"}<\/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\/04\/Bitcoin-price-Small.jpeg?fit=320%2C192","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/603847"}],"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=603847"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/603847\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/603861"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=603847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=603847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=603847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}