Bitcoin Price Prediction as BTC Bounces 10% From Recent Bottom – New Rally Starting?
Bitcoin (BTC), the leading cryptocurrency, recently showcased its resilience by rebounding above $66,270, a significant recovery from a recent low of $62,000. This downturn was initially triggered by the onset of the Iran-Israel conflict, causing substantial liquidations among crypto investors. With that in mind, Bitcoin price prediction seems bearish, ahead of Bitcoin haling event.
Despite this, Bitcoin swiftly recouped its losses, propelled by the anticipation of the forthcoming Bitcoin halving event around April 20—an event historically known to precipitate significant bullish momentum in the market.
The total market capitalization of cryptocurrencies climbed to $2.42 trillion, reflecting a 24-hour increase of 4.76%. Alongside Bitcoin, other major cryptocurrencies like Polkadot and Uniswap witnessed over 10% gains.
Nevertheless, the volatile market saw about $1.5 billion in bullish positions liquidated during the weekend, underscoring the high stakes and unpredictability amidst geopolitical tensions. This instability challenges the notion of cryptocurrencies as stable safe havens during global crises.
Recent transfer of 50 Bitcoins by a long-time cryptocurrency miner, after 14 years of dormancy, has caught the attention of the cryptocurrency community. This significant transaction, now valued at over $3 million, reflects the early days of Bitcoin when each token was worth only a few dollars.
This event is part of a trend where old Bitcoin wallets are becoming active again, hinting at potential market impacts and highlighting the historical significance of Bitcoin’s early years.
Therefore, the recent transfer of 50 Bitcoins from a long-dormant wallet, along with similar movements from old Bitcoin wallets, could
Read more on cryptonews.com
