Will BTC Lose $60K In An Extend Correction Trend?

Crypto Price Prediction: The cryptocurrency market continues to waver in uncertainty accentuating a period called pre-halving consolidation. The lack of initiation from buyers or sellers has led to a sideways action in Bitcoin, wavering around $67000 for nearly a month now.

Despite a short-lived rebound to $69K on Thursday, the trader’s sentiment largely remains pessimistic, laden with FUD and bearish expectations, highlighted by Santiment.

This crypto analytics firm suggests that when general consensus is negative, it often precedes market contrarian movements, hinting that the best buying opportunities may present themselves during such periods of widespread disbelief in a potential rally.

😱 The crowd’s sentiment toward #Bitcoin and #crypto markets in general has wavered ever since the big correction 3 weeks ago. Even with the $BTC halving now just 2 weeks away, trader sentiment reflects #FUD and #bearish expectations.

With prices bouncing back to $69K… pic.twitter.com/DYs5RYNR95

— Santiment (@santimentfeed) April 5, 2024

Also Read: Crypto Prices Today April 5: Bitcoin At $67K, Ethereum Nears $3300, ADA & XRP Recover

1)Bitcoin (BTC)

Bitcoin is a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities.

By press time, the Bitcoin price traded at the $66997 mark with an intraday loss of 2.27%. The market capitalization stands at $1.37 Billion, with a 24-hour trading volume of $38 Billion.

An analysis of the daily chart shows the BTC price is resonating between two converging trendlines indicating the formation of a pennant pattern. This bullish continuation pattern projects that the buyers are recuperating their strength to take the next leap.

An upside breakout from the pennant pattern will signal the continuation of the prevailing rally and set buyers to chase the $83000 mark.

Conversely, a breakdown below the lower boundary will set an extended correction to $57000 support.

Also Read: Ethena Labs Boosts USDe with Bitcoin for Greater Scale

2) XRP

XRP, the native cryptocurrency of the Ripple network, was created to facilitate fast, inexpensive, and scalable international money transfers. Amid the market correction, the XRP price witnessed a sharp reversal from $0.74 resistance, leading to a 23% downfall to reach $0.57.

On April 3rd, the falling price gave a bearish breakdown from the 61.8% Fibonacci retracement level and an ascending trendline. This dynamic support had maintained a recovery trend for the past two weeks and therefore a breakdown hints at a change in the market dynamic.

The current market cap of XRP stands at $31.6 Billion with an in-trading volume of $2.26 billion. With an intraday loss of 3.42%, the coin price shows a suitable following to the trendline breakdown, indicating they may extend this downfall to $0.485.

Also Read: Ripple CEO Brad Garlinghouse Unveils Reasons Behind Stablecoin; XRP Price Soars

3) Mantle (MNT)

Mantle (MNT) is a cryptocurrency that operates within the Ethereum ecosystem, serving as a dual-role governance and utility token. It’s an integral part of a Layer-2 scaling solution that utilizes Optimistic rollups to facilitate swift and cost-effective transactions.

Defying the market correction, the MNT price has seen an aggressive recovery over the last 2 weeks. On March 27th, the coin price gave an upside breakout from a rising channel pattern intact for the past six months.

The post-breakout rally pushed the altcoin from $1.17 to its current trading price of $1.3 registering a weekly jump of 10.6%. The Mantle coin shows a market cap of $4.15 Billion holding its position among the top largest cryptocurrencies.

With sustained buying, the MNT price could chase a near-term target of $1.53 mark.

Also Read: Cardano (ADA) and Mantle (MNT) Surge While New Altcoin KangaMoon (KANG) Hits $3.5M

Takeaway

With an intraday loss of 3.43%, the Bitcoin price evaporated the gains acquired on Thursday. The reverted pressure indicates the traders are selling these assets in are bullish bounce a behavior often seen in established downtrends. Thus, the cryptocurrency market prolongs its correction allowing traders to reevaluate their pullback strategies.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.