Bitcoin: Revising the odds of BTC hitting $372K after latest correction
The last six months haven’t been the best for Bitcoin, with the king coin’s performance keeping most altcoins subdued as well. With minimal hikes every now and then, followed by dips that invalidate them, Bitcoin has been leading the entire market down a spiral. The last 30 days perfectly illustrate the same.
As the only month of the year to mark a drawdown on the charts consistently, April saw the top coin fall by 20.78%. Such a depreciation pulled the price back down from a local top of $47,459 to $37,926. Despite BTC recovering somewhat at press time, however, the prevailing market trend continues to hold.
Bitcoin fell by 20% this month alone | Source: TradingView – AMBCrypto
Alas, as much as Bitcoin has suffered, there are other coins that have had it worse. The market-wide correction severely hit the likes of Cardano, Polkadot, Avalanche, Polygon, Cosmos, Chainlink, and many other altcoins. In fact, many of these cryptos noted declines exceeding 30%.
This month also marked the second-longest period that the crypto market has been in a state of extreme fear this year. The previous such instance was last seen in January.
Hopes of the coin recovering and keeping within its ascending channel are now waning as after failing to flip the 23.6% Fib level into support, the price fell down towards the critical support of $37,613 (ref. Bitcoin price action).
Initially, investors were optimistic that the price peak seen in late-March might help Bitcoin continue its ascent. At the time of writing, however, optimism is pretty much non-existent.
In fact, investors across the chain have suffered absolute losses touching a level of $808 million.
Bitcoin net realized profit | Source: Glassnode – AMBCrypto
Even so, the chain reaction of
Read more on ambcrypto.com
