20% drawdown would fit the current bull’s pattern: — Tuur Demeester (@TuurDemeester)Historically, this event has been associated with heightened market volatility, as some analysts feared that the supply shock could trigger a prolonged sell-off. Nevertheless, prominent figures in the cryptocurrency space, such as Tuur Demeester, offer a more sanguine perspective. Demeester suggests that the recent dip to $60,000 might signal the floor of the correction, aligning with historical patterns observed during bull markets.
BTCUSD trading at $65,883 on the 24-hour chart:While Demeester advocates for stability in Bitcoin’s price, anoother analyst, McKenna, foresee a period of sideways movement. McKenna agrees with Demeester regarding the $60,000 floor but predicts that Bitcoin may enter a re-accumulation phase, characterized by prolonged sideways price action.
I think there is a high probability that the bottom for the halving selloff is in but simultaneously think there is an equal high probability that we are forming a re-accumulation range. Meaning expect sideways price action for longer than expected. — McKenna (@Crypto_McKenna)Interestingly, McKenna believes that this sideways movement could present an opportune moment for alternative cryptocurrencies, known as altcoins, to shine in the short term. The recent resurgence in Bitcoin’s price has sparked optimism among investors and analysts alike. As attention turns to May, all eyes are on whether Bitcoin’s sideways movement materializes and if the effects of the halving event truly dissipate. With cautious optimism prevailing, the current price range between $60,000 and $71,000 could become a pivotal zone for future price dynamics, ushering in a new era of prosperity in the cryptocurrency markets.
Featured image from Pxfuel, chart from TradingView