Benzinga – Bitcoin (CRYPTO: BTC) is currently struggling to breach certain resistance levels to reach fresh highs, with analysts and traders expressing little optimism about its future performance.
What Happened: Renowned crypto analyst DonAlt forecasted a complacency bounce for Bitcoin, predicting it will continue until the cryptocurrency is back above $68,000. He detailed that the crypto king has chopped through the nearest support/resistance level, a common occurrence when the market is in “giga chop mode.”
$BTC update:
Chopped through the nearest S/R level, as is customary when the market is in giga chop mode
We’re floating above a very shitty support, below a somewhat shitty resistance
Assuming complacency bounce till we’re at least back above $68k pic.twitter.com/DPszBrhxbU
— DonAlt (@CryptoDonAlt) April 25, 2024
A complacency bounce is a term used to describe a temporary recovery in prices after a significant drop.
Notable crypto trader Capo Of Crypto tweeted that the market looks weak and a 15%-25% shakeout seems likely:
Expecting another 10%-20% drop soon. https://t.co/1IjjRmUPsN
— il Capo Of Crypto (@CryptoCapo_) April 25, 2024
In the second week of April, he stated that the market looks weak and a 15%-25% shakeout seems likely.
Also Read: Bitcoin Veteran Warns Crypto Bears: ‘You Have No Idea How Crazy This Bull Run Is About To Be’
Why It Matters: DonAlt’s predictions provide valuable insight for investors, suggesting potential short-term price movements for Bitcoin. However, as with all market predictions, investors must do their own research and consider multiple factors before making investment decisions.
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IntoTheBlock data highlights an increase of 5.5% in large transaction volume to 49.7 billion, while daily active addresses widened by a significant 57% to 840,150.
Despite a 6% monthly drop in prices, 86% of Bitcoin holders are currently in profit. Transactions greater than 100,000 also increased to 8,792 as of April 24 from 6,749 transactions as of April 23.
Price Action: At the time of writing, Bitcoin was trading at $63,350, down 4.2% over the past 24 hours.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Peter Schiff Warns Bitcoin Hodlers: ‘It’s A Long Way Down’ If King Crypto Can’t Hold $60K
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
