Bitcoin

April

<div class="finbold">
 <p class="paragraph">On Thursday, Bitcoin (BTC) experienced further declines amid ongoing pressure from higher U.S. interest rates and escalating geopolitical tensions in the Middle East.&nbsp;</p>
 <p class="paragraph">Analysts are closely watching BTC’s price movements as it approaches a critical moment, the Bitcoin halving which is expected to happen sometime around April 19 or 20.&nbsp;</p>
 <p class="paragraph">Despite attempts to stabilize above the $65,000 threshold, BTC’s price has struggled, signaling a bearish trend.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Crypto startup seeks $120 million in funding, eyeing $1 billion valuation <span class="self-center text-xs text-slate-500">14 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    EduTech platform Banksters ready to reward winners of its April airdrop contest <span class="self-center text-xs text-slate-500">15 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Smart trader names the next 100x crypto opportunity <span class="self-center text-xs text-slate-500">16 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Here's how much you'd have investing in Gold, Silver, and Bitcoin when R. Kiyosaki said <span class="self-center text-xs text-slate-500">16 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">Crypto analyst <em>Ali Martinez</em> highlighted in an X (formerly Twitter) post on April 18, that Bitcoin had entered a consolidation phase within a defined trading channel, identifying $61,000 as a critical support level.</p>
 <p class="paragraph">At the press time, BTC is hovering around the $61,000, a level Martinez considers crucial for its next moves.&nbsp;</p>
 <p class="paragraph">He suggests that if Bitcoin falls below this level, it could drop to $56,200. On the other hand, if cryptocurrency can rise above $62,300, it could signal a potential upswing to $66,500.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="669" src="https://cdn.thebittimes.com/images/2024/04/18/a6c878b87a3a1f222a1712ca14183825.webp" alt class="wp-image-169806" srcset="https://cdn.thebittimes.com/images/2024/04/18/a6c878b87a3a1f222a1712ca14183825.webp 1024w, https://cdn.thebittimes.com/images/2024/04/18/a6c878b87a3a1f222a1712ca14183825.webp 300w, https://cdn.thebittimes.com/images/2024/04/18/a6c878b87a3a1f222a1712ca14183825.webp 768w, https://cdn.thebittimes.com/images/2024/04/18/a6c878b87a3a1f222a1712ca14183825.webp 1536w, https://cdn.thebittimes.com/images/2024/04/18/a6c878b87a3a1f222a1712ca14183825.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin seven-day price chart. Source: TradingView/Ali Charts
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">After reaching a daily high of approximately $62,210, Bitcoin price today has retraced and is struggling to maintain its price above $61,000. At press time, BTC was trading at $61,080, marking a correction of 3.49% in the last 24 hours.&nbsp;</p>
 <p class="paragraph">Furthermore, the cryptocurrency has experienced a notable decline of 13.85% over the past week.&nbsp;</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="660" height="537" src="https://cdn.thebittimes.com/images/2024/04/18/9bbfb8a15c7306b064e70ee4ec2049a6.webp" alt class="wp-image-169809" srcset="https://cdn.thebittimes.com/images/2024/04/18/9bbfb8a15c7306b064e70ee4ec2049a6.webp 660w, https://cdn.thebittimes.com/images/2024/04/18/9bbfb8a15c7306b064e70ee4ec2049a6.webp 300w" sizes="(max-width: 660px) 100vw, 660px">
  <figcaption class="wp-element-caption">
   Bitcoin 7-day price chart. Source: <em>Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">Essentially, Bitcoin’s climb towards $70,000 faced challenges despite the introduction of spot crypto exchange-traded funds (ETFs) in Hong Kong, offering some hope for investors affected by China’s crypto ban in 2021.&nbsp;</p>
 <p class="paragraph">Whether these ETFs will spark a Bitcoin surge like in the U.S. is uncertain. With BTC’s current downward trend, investors are now focused on how the upcoming halving event will impact the market.&nbsp;</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bulls-vs-bears-analyst-warns-of-bitcoin-crash-to-56k-tbt85673.html">https://thebittimes.com/bulls-vs-bears-analyst-warns-of-bitcoin-crash-to-56k-tbt85673.html</a></p>

Bulls vs. bears: Analyst warns of Bitcoin crash to $56k

Table of Contents

TheBitTimes

Other articles published on Apr 18, 2024

Top 10 Crypto Leverage Trading Platforms

‘The Q1 Hype Cycle Is Over’: Crypto Analyst Updates Outlook on Bitcoin (BTC) After Deep Pullback

Ethereum Struggles Below $3,000 Mark

Bitcoin up 800% Since Last Halving, But Here's What Happened to Gold Holders: Anthony Pompliano

World Chain: Launching a Human-Centric Blockchain This Summer

Top Analyst Says Solana-Based Memecoin Looking Good Amid Crypto Correction, Flips Bullish on One ...

Join our free newsletter for daily crypto updates!