2 Weeks Bitcoin Entry for New BTC Price Drop – Analysis
Bitcoin (BTC) slipped into the April 26 Wall Street open as familiar trading conditions kept bulls in check.
Bitcoin ETFs will see a “troubled day”.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action coming full circle from the $65,300 highs to the daily close.
Bitcoin Exchange-Traded Funds (ETFs) have maintained their dominance in the market amid a stubbornly volatile trading environment amid troubled macroeconomic data and weak performance from the United States.
These saw over $200 million in net outflows earlier in the day, dampening an initially promising start to the week.
“A brutal day across the board for the Cointucky Derby and Bitcoin ETFs,” wrote James Seifert, an independent ETF analyst at Bloomberg, in an X cover story.
“5 ETFs saw a total of -$217 million in expenses. Franklin was the only ETF with revenue of $1.9 million.
Amid the lack of optimism across crypto, some market participants are beginning to suggest that the overall Bitcoin price trend may be prolonged.
In his latest analysis of X, however, Michael Van de Pop, founder and CEO of MNTrading, argued that altcoins are too divergent to deliver long-awaited gains.
“Bitcoin is still stuck in a range. I don't think we'll see much from this for the next 3-6 months. A sideways slowdown, maybe a grind,” he predicted.
“Expecting More From Altcoins.”
Bitcoin supremacy squeezed from 55% to 57% – the highest level in two years – on April 26th surrounded 55%.
Analyst: The next two weeks will be the time for the price of BTC to decline
Updating his monitoring of BTC's price performance around the block grant halving, prominent trader and analyst Rect Capital has given a two-week deadline for further significant dips to occur.
Related: Bitcoin bull market on $1.4T US liquidity spike — forecast
“During this cycle, Bitcoin has entered the post-halving ‘danger zone' (purple) and is very close to regional lows,” he explained in part of his latest commentary.
“If further downside volatility occurs below the regional low, it will be in these two weeks.”
The accompanying chart compares behavior to historical norms during the 2024 halving period.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
