NOIDA (CoinChapter.com)— Bitcoin’s recent price action reflects the global market’s jitteriness as the Federal Reserve‘s monetary tightening attempts to rein in soaring US inflation. Furthermore, the token’s recent bearish price action could continue due to macro headwinds from the Fed.

Over the past seven days, Bitcoin’s price has been in a downtrend, dropping to a low near $62,000 on April 29. The digital currency’s struggle to maintain its hold above critical price levels suggests bearish undertones.

Moreover, the overall sentiment in the market seems to be bearish, with social media flooded by independent analysts sharing doomsday predictions for Bitcoin prices.

Bitcoin To Drop To $30,000?

A capitulation drop could end the anticipatory silence currently engulfing Bitcoin markets. A relatively rare occurrence, it could result in significant losses for BTC prices.

An independent analyst with the username ‘AlanSantana‘ identified the potential for a 50% retraction from Bitcoin’s recent average price, suggesting a descent to around $33,300.

Bitcoin’s average price over the past month and a half, approximately $66,600, coupled with recent market behavior, laid the groundwork for Santana’s prediction.

Indicators such as volume decline and a weakening RSI contributed to a narrative of bearish momentum for Bitcoin price, aligning with a broader market cycle analysis that portends a significant shift.

According to Santana’s post on TradingView, the BTC price is due for a climactic resolution after its recent halving. While the distribution phase could linger, historical patterns and the recent halving suggest a swifter turn of events.

The analyst’s perspective extends beyond immediate price movements. Santana envisioned a gradual recovery post-capitulation, forecasting a 30-50% bounce, followed by a slow, bullish climb—a consolidation period ripe for strategic entries before a robust bull market emerged.

The analyst predicted that BTC prices would gain substantial momentum late in 2024 and well into 2025, offering a window of opportunity for investors. Interestingly, Santana’s timeline for an uptrend aligns with Fed rate cut predictions, which could act as a bullish cue for the token.

Whales Could Be The Key To Ending Bearish Bitcoin Price Run

Meanwhile, another crypto analyst, Ali Martinez, highlighted the decline in the number of BTC whale transactions. Martinez predicted that a spike in whale transactions could act as the “spark” that Bitcoin needs to re-ignite its rally.

Whale transactions often influence market movement due to their sheer size. For instance, on April 26, a Bitcoin whale deposited 1,200 BTC tokens worth $77.67 million at the time to the Kraken exchange.

Traders often consider exchange inflows an indicator of selling intent, making them a bearish cue for a token. Moreover, BTC’s price is down nearly 8% from April 24’s high of $67,000, showcasing the bearish pressure against the token.

As such, the Bitcoin price outlook remains bearish for now.

The post Bitcoin Price Could Drop To $30K, Whales Only Hope Against Bearish Fate appeared first on CoinChapter.

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Filed under: Bitcoin - @ April 29, 2024 3:20 pm