Bitcoin’s (BTC) attempt to recover and reclaim its all-time high above $73,000 is facing hurdles, with the asset currently trading below the $70,000 mark amid anticipation ahead of the halving event. Recent price movements have led to Bitcoin’s bearish price predictions, with a section of the market suggesting the outlook is part of the pre-halving retrace.
For instance, cryptocurrency trading expert Alan Santana, in a TradingView post on March 23, warned investors to brace for a sell-off, noting that Bitcoin’s bearish bias remains strong.
With Bitcoin struggling to breach the $65,000 resistance, Santana forecasted a continued downward trajectory for Bitcoin over the coming days or even weeks. The analysts anticipate that this downward movement will follow a pattern of bottom formation, accumulation, and reversal signals before any potential recovery.
Bitcoin price analysis. Source: TradingView
“Just keep in mind that the first crash will be fast and some 20-30% will disappear to not comeback for 6-8 months,” he said.
Bitcoin’s levels to watch
Examining Bitcoin’s short-term trendlines, the trading expert observes that the cryptocurrency is currently confined within a bearish territory. This indicates a prevailing negative sentiment among traders.
Notably, for a shift towards bullish momentum, Bitcoin would need to surpass and close above $68,500, with a preliminary positive indication being a move above $66,666.
“For bullish potential to be considered or go back into play in this chart setup, Bitcoin needs to move and close above $68,500. Moving and closing above $66,666 is a good start. Any trading below $65,000 and the bearish bias remains strong while we wait for lower prices,” he added.
In recent days, Bitcoin has experienced heightened volatility, briefly reaching close to $60,000. Analysts attribute this correction in part to overheated market conditions, labeling it a “pre-halving retrace”.
Market observers suggest that the volatility is also due to outflows from spot Bitcoin exchange-traded funds (ETFs). Notably, ETFs have seen consecutive days of money flowing out.
Bitcoin price analysis
By press time, Bitcoin was trading at $64,5700 with losses of almost 5% in the last seven days. It is worth noting that earlier in the week, Bitcoin briefly touched the $68,000 mark before correcting.
Bitcoin seven-day price chart. Source: Finbold
Overall, Bitcoin’s price remains at a crucial juncture as it faces the challenge of reclaiming $65,000. Continued trading below this mark would render it vulnerable to losses below $60,000.
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