Madame Irma is back! – According to Tim Draper, the price of Bitcoin could reach $250,000 in 2024. The problem? An American investor has already predicted that BTC will reach $250,000… in 2022. Will he be right this time?
It is hard to know if BTC will touch $250,000 this year, but spot volumes have been rising for several months, like during the 2020-2021 bull run. However, the cryptocurrency king is struggling to push sustainably above $70,000. Sellers once again had the last laugh and BTC fell to $65,000. Here is today’s newsletter!
Bitcoin price drops 5% in 24 hours
Bitcoin price yesterday dropped to the $65,000 level before recovery and return over $67,000. Therefore, BTC displays a down 5% in 24 hours :
Now the price is in the red for the week and that’s it down almost 10% in one month. At the same time, the BTC/ETH pair is up 3.5% in 24 hours and more than 10% in one month. BTC continueslay down your law facing the prince of cryptocurrencies.
$900 million in liquidation after the crash
THE Halve Bitcoin is approaching and BTC is no longer able to reach a new all-time high. The market has punished the operators who bet on the new ATH before the date corresponding to the reward reduction. There were almost a total of them $900 million in liquidation about cryptocurrencies:
With that bearish volatility who brought back BTC for $65,000, it was the long ones that were affected. According to Coinglass data, almost $800 million in long positions (purchase-oriented) were liquidated. Despite the significant liquidations observed, it remains less than on March 5whose total eventually exceeded billion dollars.
Bitcoin price loses $70,000
THE sellers took over of course with this one down to $65,000. The price can’t hold at this point psychological wheel number $70,000. Nevertheless, the course found ssupport around $67,000 :
If the buyer defends support, a back to $69,500 is possible. In order to change the dynamics in 4H, it will be necessary to evolve beyond the framework resistance to $69,500 and above last high marked at $71,300. Loss support of $67,000 would likely result in a fall towards another boost to $64,500. The RSI forms a bearish dynamics in a very short period of time, sellers have their hands on the momentum. We will have to find a dynamic with rising troughs and peaks on the other side bearish trend line so buyers can benefit from the momentum.
The price of Bitcoin failed to hold $70,000 and the market saw liquidations of almost $900 million. Buyers now need to defend the $67,000 support to avoid another bearish wave that could push the price back to the $64,500 support. Ethereum continues to be discreet for several weeks ahead of the SEC’s ruling on spot ETFs.