Bitcoin Price Prediction and Market Analysis – April 17, 2024
Title: Bitcoin Price Prediction: Market Watchers Eye Riot Platforms and CleanSpark Ahead of Halving
As Bitcoin trades at $61,577, down by approximately 2.50% with a $42 billion trading volume over the last 24 hours, all eyes are on the upcoming Bitcoin halving and its potential impact on the market.
Bernstein, a leading research firm, has identified Riot Platforms (RIOT) and CleanSpark (CLSK) as top picks for investors ahead of the halving. The “miner fear factor” is at an all-time high, driving attention towards these companies for their exceptional performance and leadership in self-mining hashrate.
The Bitcoin halving, expected around April 19-20, will cut mining rewards by 50% and slow Bitcoin supply growth. Historically, this event has preceded significant price increases for Bitcoin, although this cycle saw early gains due to ETF approvals in January.
Despite recent ETF approvals boosting Bitcoin’s price earlier in 2024, a recent 15% drop followed due to slower ETF inflows. Bernstein remains optimistic about a return to bullish trends post-halving, with predictions that Bitcoin could reach $150K by 2025.
In terms of technical analysis, Bitcoin’s current pivot point is at $64,566, with immediate resistance levels at $67,063, $69,394, and $72,732. Strong support is found at $59,869, with potential dips to $57,135 and $54,359 if support levels are breached.
The 2-hour chart indicates a bearish sentiment, with the RSI at 32 suggesting oversold conditions. The 50-Day EMA at $63,850 acts as a resistance level, reinforcing the downward trend observed on the chart.
While Bitcoin remains bullish above $59,869, a breach below this level could trigger a sharp selloff, potentially testing lower supports at $57,135 and $54,359. Investors are advised to proceed with caution in the volatile crypto market.
Disclaimer: Crypto is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. Investors should be aware of the risks involved and consider their own financial situation before making any decisions.
