Bitcoin's price action has pulled back significantly, considering that once again Bitcoin plunged to the 63,000 level just hours into the weekend and the pause in which markets enter regardless of their geographic location.
What is certain is that, "Bitcoin marked intraday lows at the Wall Street open on March 22 despite declining outflows from the Grayscale Bitcoin Trust (GBTC)," which has triggered a wave of jitters among bullish traders who are unable to get the price to rebound above $66,000 strongly in search of a restart of the uptrend that had developed so far this year.
It is evident that, "The major cryptocurrency failed to hold the higher levels, which resulted from an earlier bounce, with its former all-time highs of 2021 at USD 69,000 remaining uncontested."
For some analysts Bitcoin price action is at risk of having a fate similar to 2016, namely from C Rekt Capital "Bitcoin will have to continue to hold these current highs to avoid a fate similar to 2016, where the initial reaction was strong but short-lived."
From my perspective, I think the next thing Bitcoin will do is enter a sideways and accumulation pause that will extend even after Halving, now I would like to know your appreciation on what you think Bitcoin's price action will do in the following weeks.
SOURCES CONSULTED
Cointelegraph. Bitcoin price retests $63K despite GBTC outflows dropping below $100M. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
I think you're right and if I may chip in, BTC could go down in the next couple of days pre-halving but post-halving is gonna be a smooth ride. Would be looking to accumulate more potential gems before it hits the ground running.
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