Will The Price Of Bitcoin Collapse Once More?


The price of bitcoin is being pressured downward by increased interest rates, global unrest, and withdrawals from bitcoin ETFs. BTC’s price, which is now trading at $63,518, has dropped 13.65% in nearly a month after reaching a new high of over $73,800. The price of BTC/USD as of April 17 is as low as $62,622, and it has dropped as low as $62,160 during the past month. A growing geopolitical instability in the Middle East has caused the price correction of BTC to intensify recently. A robust US economy has also led to more wagers on longer-term, higher interest rates in the US, which has reduced market risk appetite and further harmed Bitcoin.

Will the price of bitcoin plummet once more or see a strong upswing with the Bitcoin Halving in just two days? 

The Triple-Top Hypothesis For Bitcoin Indicates A 14% Price Drop

In the last 30 days, BTC has failed to break above its record high three times, indicating traders’ hesitancy around record levels when profit-taking or greater selling pressure impedes further advance.

Due to this pricing behavior, a technical pattern that resembles a triple-top has formed. This pattern is defined by three peaks that occur at almost the same price level, separated by two little declines. Technically speaking, a triple-top pattern usually finishes when the price breaks below its support line and falls by a quantity equal to the height of the pattern’s peak above that support line.