Bitcoin Price At Risk Of Dropping Another 10% – Here’s When You Should Buy

The post Bitcoin Price At Risk Of Dropping Another 10% – Here’s When You Should Buy appeared first on Coinpedia Fintech News

Bitcoin’s (BTC) price teased below $40k for the first time this year after more than 3 percent drop in the past 24 hours. The gradual drop in the past three weeks fulfills the sell-the-news prediction after approving 11 spot Bitcoin exchange-traded funds in the United States.

Furthermore, more short-term holders and miners have joined Grayscale Investments in frequent sell-offs that have weighed heavily on the bullish narrative. Notably, FTX and Alameda Research offloaded Bitcoins worth approximately $1.1 billion to repay the distressed creditors and customers.

Experts Take on Bitcoin Price Action

Bitcoin price has closely been mirroring the prior bull market cycles leading to the upcoming halving event in April. However, every cycle is unique in that different fundamentals are at play. During the 2020 crypto bull market cycle, the Black Thursday event triggered by the COVID-19 pandemic happened. During the 2024 bull market cycle, the approval of spot BTC ETF has happened, thus further strengthening the bullish narrative. 

According to a Belgium-based crypto analyst alias Nestay on the X platform, the next few months will constitute a Bitcoin pre-halving 

correction phase similar to the 2013, 2017, and 2020 phases. As a result, the crypto analyst expects Bitcoin price to drop another 10 percent toward the support range of around $34k in the coming weeks.

In the short term, popular crypto analyst Captain Faibik expects Bitcoin price to rise towards $45k after filling the CME gap of around $39k in the past 24 hours.