Expert crypto analysts have predicted that the price of Bitcoin will crash below the $60k mark if a pattern repeats itself. This prediction has captured the attention of investors as they keep a close eye on the price movement of the asset before the halving event.
The new week began with a significant market rally that saw the price of Bitcoin (BTC) shooting past the $72,000 mark on April 8. Nevertheless, 24 hours later, the price of the token has lost some of its gains currently trading around $70k. Other cryptocurrencies on the top ten list like Ethereum, and XRP also benefited from this rally, trading above $3,600 and $0.6 respectively.
As the Bitcoin halving approaches, investors believe that BTC along with the broader crypto market will experience a further rally catapulting the global market cap to significant highs. Analysts have forecasted a price surge above $80k. However, some expert market analysts have warned about a potential crash if Bitcoin repeats a historic movement.
Potential Bitcoin (BTC) crash to $60,000 prediction
In the meantime, some Bitcoin analysts including Benjamin Cowen, founder of Into The Cryptoverse, have made bold statements concerning the price action of BTC. He shared his analysis with his 800k followers on X (formerly Twitter).
According to him, if Bitcoin repeats a pattern it exhibited in the weeks going into the spot ETF approval as it approaches halving, then a massive downside is to be expected.
If #BTC repeats the pattern that it had going into the spot ETF as it goes into the halving, then it would look something like this.
Usually these patterns do not repeat exactly, but just showing it here in case something similar happens once again. pic.twitter.com/GNiy2IDRs9
— Benjamin Cowen (@intocryptoverse) April 8, 2024
The analysis shows that Bitcoin will reach a high of above $77k after the halving before crashing under $60k. The analysis also shows the BTC price reaction before and after the spot EFT approval. It could be seen that Bitcoin surged close to $50k and then crashed towards $40k. He stressed that the pattern does not always repeat itself, but he is making it known in case it happens.
The analysis triggered reactions from the crypto community as members keyed in on the possibility of the movement. Notably, popular trader Peter Brandt seconded the analysis by pointing out that the same pattern has been common in past bull markets in Bitcoin.
This same basic pattern has been common in past bull markets in Bitcoin https://t.co/owOGKhjkr1 pic.twitter.com/xiwVRExzOi
— Peter Brandt (@PeterLBrandt) April 9, 2024
Bitcoin price today
Bitcoin was exhibiting price correction in the first week of April but took a reversal in the second week. According to data from CoinMarketCap, BTC is currently changing hands at $70,659. Additionally, its trading volume has skyrocketed by 35% to $37 billion in the last 24 hours with a market cap of $1.39 trillion.
Arthur Hayes, co-founder of BitMEX, predicts that Bitcoin values will drop both before and after the halving event next week. According to him, there would be limited US dollar liquidity during this time, which will increase the selling pressure on cryptocurrency assets.
