Bitcoin Could Potentially Dip Below $60K Before 'Hate Halving Rally,' Says Crypto Analyst

IncomeSharks, a crypto analyst, has predicted the future of Bitcoin BTC/USD price. According to the forecast, the cryptocurrency could experience a significant drop below the $60,000 mark before potentially witnessing a ‘hate halving rally.’

What Happened: IncomeSharks took to X to share its forecast. The analyst suggested that Bitcoin might dip below the $60,000 level, which could prompt panic selling. The analyst believes that this would be a necessary step to clear out the remaining holders who are relying on the support to hold.

“#Bitcoin – Still think we break and close below $60k to get another round of panic sellers gone. People probably still holding thinking support is holding. We need to break them first. Then we can get a hate halving rally,” the analyst said.

#Bitcoin – Still think we break and close below $60k to get another round of panic sellers gone. People probably still holding thinking support is holding. We need to break them first. Then we can get a hate halving rally. pic.twitter.com/LHrQhMJwgA

— IncomeSharks (@IncomeSharks) April 18, 2024

IncomeSharks’ prediction comes at a crucial time, just days before the upcoming Bitcoin halving event. This process, which occurs approximately every four years, is designed to introduce anti-deflationary features to Bitcoin. Historically, this event has led to a surge in the cryptocurrency’s price.

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Why It Matters: The upcoming Bitcoin halving event has been a topic of intense speculation. Many analysts and investors are closely watching to see how this event will impact the market. Some experts believe that the halving could transform the market and lead to a significant price increase.

The analyst’s prediction aligns with the recent market volatility. Ali Martinez, another crypto analyst, highlighted the $62,000 level as a critical support zone for Bitcoin. Failure to maintain this level could shift focus to the next significant demand area, around $51,500. However, Martinez also pointed out a potential trigger for a bullish trend. If Bitcoin manages to climb back above $66,250, it could significantly boost the chances of a resurgence in the market.

Meanwhile, notable financial commentator Jim Cramer recently advised against investing in Marathon Digital Holdings Inc MARA, a company involved in Bitcoin mining, and instead recommended Bitcoin or Ethereum ETH/USD as alternatives.

Price Action: Bitcoin is currently trading at $61,562, showing a 0.48% increase in the last 24 hours and a notable 39.37% gain year to date, according to data from Benzinga Pro.

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