{"id":606157,"date":"2024-05-02T09:00:46","date_gmt":"2024-05-02T09:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=606157"},"modified":"2024-07-12T05:16:56","modified_gmt":"2024-07-12T05:16:56","slug":"bitcoin-slide-over-top-analysts-unanimously-call-56000-the-bottom","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-slide-over-top-analysts-unanimously-call-56000-the-bottom\/","title":{"rendered":"Bitcoin Slide Over? Top Analysts Unanimously Call $56,000 The Bottom"},"content":{"rendered":"

A merciless bear market over the past month has crushed Bitcoin (BTC), whose price dropped 20% from its record highs. Still, within the devastation, there are flashes of hope since eminent analysts see a possible bottom emerging around the current $57,000 area.<\/span>
\n<\/span><\/p>\n

Related Reading: Solana Crawls: Network Update Fails To Fix Traffic Jam, Price Feels The Pinch<\/a><\/div>\n

Tough Opening Month For Bitcoin<\/strong><\/h2>\n

May has not been kind to Bitcoin at start. Once-dominant cryptocurrency has been steadily declining<\/a> and falling down to levels last seen in March before its explosive rise to $73,700.<\/span> With this most notable cycle drop in price, questions over a protracted bear market are raised.
\n<\/span><\/p>\n

Beyond Bitcoin, the suffering is felt in the larger altcoin market as well. Mirroring the declining trend, Litecoin (LTC), the silver to Bitcoin’s gold, lost a shockingly 25% of its value in the past month.<\/span> Although Litecoin appears to be bound to the fate of its big brother in this present downturn, traditionally it was seen as a more steady substitute for Bitcoin.
\n<\/span><\/p>\n

Finding The Bottom: Bullish Predictions Surface<\/strong><\/h2>\n

From the crypto analytic community, a chorus of hope is developing even with the general gloom.<\/span> Several heavyweight analysts think Bitcoin may have established itself between the present price range of $56,000 to $58,000.
\n<\/span><\/p>\n

Popular crypto analyst Rekt Capital notes a historical pattern whereby similar 20% declines have been followed by notable rebounding. Another esteemed voice, Micha\u00ebl van de Poppe, shares this view, implying Bitcoin might be approaching the end of its phase of price stabilization.<\/span> He issues warnings about possible short-term swings but emphasizes the $56,000 to $58,000 zone as a key support level.
\n<\/span><\/p>\n

\n

#BTC<\/a><\/p>\n

This is officially the deepest retrace in the cycle (-23.6%)$BTC<\/a> #BitcoinHalving<\/a> #Bitcoin<\/a> pic.twitter.com\/Gcapbl0Nu6<\/a><\/p>\n

\u2014 Rekt Capital (@rektcapital) May 1, 2024<\/a><\/p><\/blockquote>\n

Uncertainty Looms As Market Awaits Fed Decision<\/strong><\/h3>\n

Although expert hope is encouraging, the crypto market is clouded with uncertainties. The forthcoming Federal Reserve interest rate decision has great influence on investor mood and, thus, the direction of Bitcoin’s price. While a dovish posture might offer the tailwind required for a Bitcoin bounce, a more hawkish posture from the Fed could set off more selling.<\/span>
\n<\/span><\/p>\n

\"\"<\/p>\n

Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity?<\/a><\/p>\n

Buckle Up For A Bumpy Ride<\/strong><\/h3>\n

For Bitcoin and the other cryptocurrencies, the next several weeks will be vital. The short-term path will probably be dictated by the Federal Reserve’s choice as well as investor response to the present price decline.<\/span> Although optimistic attitude points to a possible turn-around, the natural volatility of the crypto market implies investors should get ready for a wild ride.
\n<\/span><\/p>\n

<\/div>\n
\n
Bitcoin market cap currently at $1.13 trillion. Chart: TradingView.com<\/a><\/pre>\n<\/div>\n
Featured image from Pixabay, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
A merciless bear market over the past month has crushed Bitcoin (BTC), whose price dropped 20% from its record highs. Still, within the devastation, there are flashes of hope since eminent analysts see a possible bottom emerging around the current $57,000 area. Related Reading: Solana Crawls: Network Update Fails To Fix Traffic Jam, Price Feels The Pinch Tough Opening Month For Bitcoin May has not been kind to Bitcoin at start. Once-dominant cryptocurrency has been steadily declining and falling down to levels last seen in March before its explosive rise to $73,700. With this most notable cycle drop in price, questions over a protracted bear market are raised. Beyond Bitcoin, the suffering is felt in the larger altcoin market as well. Mirroring the declining trend, Litecoin (LTC), the silver to Bitcoin’s gold, lost a shockingly 25% of its value in the past month. Although Litecoin appears to be bound to the fate of its big brother in this present downturn, traditionally it was seen as a more steady substitute for Bitcoin. Finding The Bottom: Bullish Predictions Surface From the crypto analytic community, a chorus of hope is developing even with the general gloom. Several heavyweight analysts think Bitcoin may have established itself between the present price range of $56,000 to $58,000. Popular crypto analyst Rekt Capital notes a historical pattern whereby similar 20% declines have been followed by notable rebounding. Another esteemed voice, Micha\u00ebl van de Poppe, shares this view, implying Bitcoin might be approaching the end of its phase of price stabilization. He issues warnings about possible short-term swings but emphasizes the $56,000 to $58,000 zone as a key support level. #BTC This is officially the deepest retrace in the cycle (-23.6%)$BTC #BitcoinHalving #Bitcoin pic.twitter.com\/Gcapbl0Nu6 \u2014 Rekt Capital (@rektcapital) May 1, 2024 Uncertainty Looms As Market Awaits Fed Decision Although expert hope is encouraging, the crypto market is clouded with uncertainties. The forthcoming Federal Reserve interest rate decision has great influence on investor mood and, thus, the direction of Bitcoin’s price. While a dovish posture might offer the tailwind required for a Bitcoin bounce, a more hawkish posture from the Fed could set off more selling. Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity? Buckle Up For A Bumpy Ride For Bitcoin and the other cryptocurrencies, the next several weeks will be vital. The short-term path will probably be dictated by the Federal Reserve’s choice as well as investor response to the present price decline. Although optimistic attitude points to a possible turn-around, the natural volatility of the crypto market implies investors should get ready for a wild ride. Bitcoin market cap currently at $1.13 trillion. Chart: TradingView.com Featured image from Pixabay, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":606163,"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":[],"class_list":["post-606157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news"],"acf":[],"yoast_head":"\nBitcoin Slide Over? 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Slide Over? 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