Bitcoin (BTC), Altcoins Enters Recovery Mode, Is The Bottom In?

Godfrey Benjamin
April 14, 2024 Updated April 15, 2024
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bitcoin Altcoins

Highlights

  • Bitcoin price rebounds after epic fall
  • Industry leaders are optimistic of recovery soon
  • Bitcoin halving and ETF are key catalysts to watch

The price of Bitcoin (BTC) suffered one of its most drastic falls over the past month this weekend, nabbing significant attention as the halving nears. Within about an hour, the coin plunged from $68,000 to below $62,000, triggering millions in liquidations with thousands of traders affected.

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Bitcoin and Altcoins Finding Balance, Where is The Floor?

At the time of writing, Bitcoin price is pegged at $64,029.65, down by 5.32% in the past 24 hours. Despite the sustained bearish outlook, the price mark is a major improvement from the 24-hour low of $60,919.11 recorded on April 14.

The coin has faced enormous volatility as shown in the daily chart. From the price trends, the coin might have hit a floor of $60,900 in the ongoing bearish onslaught. There is no certainty when the coin will experience a significant breakout from its current consolidation trend. In the bid for recovery, the $65,000 price mark remains the most significant resistance to breach.

Industry leaders like Mike Novogratz are optimistic about the ability of the coin to reach new heights in the near term. This confidence can bolster the resolve of traders and Bitcoin HODLers like MicroStrategy Incorporated who have noted the plans to keep faith by not selling.

Altcoins also saw a massive plunge with signs of recovery quite far off. Ethereum (ETH) is down by 6.9% to $3055, and Solana (SOL), bedeviled by congestion issues, has lost over 9.7% to $136.63. Other top altcoins like Binance Coin (BNB), Cardano (ADA), and XRP have also shed off 7.92%, 10.56%, and 11.79% to trade at $546.63, $0.4535, and $0.4822 respectively.

It’s worth noting that the recovery of these altcoins depends on Bitcoin’s price action moving ahead.

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Key Bitcoin Growth Catalysts To Watch

According to Coingape’s Bitcoin halving tracker, the major BTC event is taking place in about 5 days and 13 hours. This event will compound Bitcoin’s deflationary status as the reward to miners will be halved. Notably, just about 450 BTC will now be released in a day, a number that might not match with current demands.

With the halving and spot Bitcoin ETF acquisition by issuers, a supply crunch is imminent. Should this be the case, Bitcoin price will be at a vantage position and this will help it erase its lost valuation.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.