Bitcoin (BTC) Continues To Surge Beyond $73,000 Despite Sudden Plunge
Bitcoin (BTC) broke another record today, hitting an all-time high of $73,887 after recovering from a sudden decline.
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In a recent report, Bitcoin (BTC) could be gearing up for pre-halving correction, despite reaching a new all-time high. In addition, Blackrock also recorded an impressive $849 million cash inflow for spot Bitcoin ETFs as the demand for BTC keeps growing.
Following a sudden dip below the $69,000 level late last night, Bitcoin was able to recover its momentum with long traders expecting continued bullish movement. Data from Coinglass shows that the number of long positions surpasses the short positions by almost $10 million at the time of writing.
Currently, Bitcoin (BTC) is up by 2.08%, trading at $73,515 with a 24-hour trading volume of $63.35 billion. Its total market cap has also increased by 2.06% locking at $1.44 trillion.
Meanwhile, analysts say that Bitcoin (BTC) could be gearing up for a pre-halving correction despite reaching a new ATH.
Analysts suggest that there are growing signs that Bitcoin price could drop significantly before the Bitcoin halving event in April. This pattern would align with historical trends, such as the 20% pre-halving correction observed in 2020 and the 38% retracement preceding the 2016 halving.
Analysts also foresee the potential retracement that could last up to 77 days, although data suggests that the downturn might be less severe compared to previous cycles.
If the correction doesn’t happen and continues to follow a growth trajectory similar to the past two cycles, Bitcoin’s (BTC) price could reach a level of anywhere between $100,000 to $300,000.
In conclusion, Bitcoin’s current price movement still has room to run, especially since the previous ATH price can now act as the launchpad for a more bullish trend before the Bitcoin halving event.
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