Bitcoin halving approaches, prompting crypto expert to investigate potential bear market
Crypto analyst and CMCC Crest co-founder, Willy Woo, has made a prediction regarding the crypto market. He believes that if the price of Bitcoin falls below $58,900, it could mark the beginning of a bear market. Woo bases his prediction on the sell-off seen on the cumulative volume delta (CVD), which measures market orders. He also notes that while the market has remained structurally unchanged since March, April is a month of volatility and the halving event could be a catalyst for further price fluctuations.
Woo also suggests that the next major level for liquidations of short positions will be in the range of $71,000 to $75,000. According to his analysis of Bitcoin’s supply and demand charts, it is only a matter of time before the accumulation in this consolidation phase pushes the price of BTC beyond its all-time high.
Another crypto expert, MN Trading founder Michael van de Poppe, has observed similar dynamics for Bitcoin. He notes that the asset has been consolidating within the range of $61,000 to $71,000. On April 13, Bitcoin’s price briefly fell below $61,000 due to the worsening situation in the Middle East. However, it quickly recovered to levels above $64,000 the following day. During this period, the volume of liquidations reached a staggering $955 million.
Overall, both analysts are closely watching the price movements of Bitcoin and believe that the market is at a critical juncture. The coming days and weeks will determine whether the crypto market will enter a bearish phase or continue its upward trajectory.
