2024-4-17 23:42 |
The price of Bitcoin tumbled below $63,000 during Tuesday’s market bloodbath as momentum slowed in the run-up to the network’s much-awaited miners’ rewards halving event.
With the halving now only three days away, BTC plummeted to a low of $61,714 today amid geopolitical instability in the Middle East. The flagship crypto endured a 3.9% decline over the last 24 hours to trade for $62,851 at press time. Bitcoin’s market cap stood at $1.2 trillion at publication.
All of the top 20 crypto assets by market value, excluding stablecoins, have also taken a nosedive, with the likes of Solana (SOL), Telegram-linked Toncoin (TON), and Avalanche (AVAX) slipping by double digits in the past day.
CoinGlass data shows that over the past 24 hours, some $253 million of long positions—traders who bet that prices would rise—were wiped out across the entire crypto market. Of this total, Bitcoin accounts for roughly $81.70 million in longs liquidated during that period.
Willy Woo’s Perspective On Bitcoin’s FutureStatistician Willy Woo suggested that BTC’s latest drawdown towards the $60,000 mark flushed out leveraged longs.
Woo told his 1.1 million followers on the X platform that he doesn’t expect Bitcoin to slump in a straight line as he’s convinced BTC bulls will defend the “formidable” short-term holder (STH) at $59,000. In the expert’s opinion, there is a high chance that the crypto will rebound strongly and liquidate traders who shorted at around $70K-$75K.
The Bitcoin analyst also pointed out that the ongoing consolidation around the current record highs will strengthen the support level for the alpha crypto. Woo indicates that the accumulation between the $60,000 and $70,000 range is forming a base of buyers that will secure BTC’s status as a trillion-dollar asset.
“Remember: the longer BTC consolidates around ATH, the more coins that change hands between investors cementing its price discovery. This creates formidable long-term support once we break it. Bitcoin as a trillion-dollar asset class is here to stay. This is a good thing.”
Bitcoin To $650,000?Many industry watchers say the outlook is still bright, thanks to the imminent halving — a pre-programmed event that reduces miner rewards by half every four years — and the possibility of interest-rate reductions.
Woo further posited that the shiny new spot BTC ETFs bring Bitcoin price targets of $91,000 at the bear market bottom and $650,000 at the bull market top. This could materialize once ETF investors have exhaustively deployed capital as per asset manager recommendations. According to Woo, these are actually conservative figures as he believes Bitcoin will undoubtedly surpass gold’s capitalization by the time the ETFs finish their role.
Although excitement persists for such lofty price predictions, Woo warned that these targets are not feasible this cycle because capital deployments take quite some time to complete.
Bitcoin is now 15.8% away from its record high of $73,737 set on March 14.
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