Bitcoin is expected to experience a new price dip within the next two weeks, according to analysis

Bitcoin continued to decline as the Wall Street session opened on April 26, with prevailing trading conditions limiting bullish momentum.

BTC price action retraced from its peak of $65,300, closing the day at similar levels, as indicated by data from Cointelegraph Markets Pro and TradingView.

The market remained within a persistent trading range, largely unaffected by troubling macroeconomic indicators and lackluster performance from US spot Bitcoin exchange-traded funds (ETFs). These ETFs experienced net outflows surpassing $200 million the previous day, dampening what initially seemed like a promising week.

James Seyffart, a dedicated ETF analyst at Bloomberg, described it as a challenging day for both the Cointucky derby and Bitcoin ETFs in a report on X (formerly Twitter).

In the midst of subdued sentiment in the crypto sphere, certain market players are starting to propose the possibility of a prolonged absence of a clear trend in Bitcoin’s price.

In his most recent analysis, Michaël van de Poppe, the founder and CEO of trading firm MNTrading, contended that altcoins were poised for significant divergence, potentially leading to the awaited gains.

“Bitcoin remains confined within a range. I anticipate minimal movement in the next 3-6 months. It’s likely to be a slow sideways trajectory, possibly characterized by a grind,” he projected.

As he tracks BTC price movements leading up to the block subsidy halving, a prominent trader and analyst, Rekt Capital, has set a two-week timeframe for the possibility of any significant downward trends.

“In the current phase of the cycle, Bitcoin has ventured into what’s termed as the ‘Post-Halving Danger Zone’ marked in purple, and it’s now closely approaching the lower boundary of the range,” clarified a segment of his recent commentary.

Read More: Bitcoin falls to $63K as rate cut expectations fade after disappointing U.S. inflation data

Disclaimer:
This content is AI-generated using IFTTT AI Content Creator. While we strive for accuracy, it’s a tool for rapid updates. We’re committed to filtering information, not reproducing or endorsing misinformation. – Jomotoday for more information visit privacy policy