Will BTC Lose $60,000 in an Extending Correction Trend?


Crypto Price Prediction: The cryptocurrency market continues to oscillate in uncertainty, reinforcing a phase called pre-halving consolidation. The lack of initiative from buyers or sellers has caused Bitcoin to move sideways, hovering around $67,000 for almost a month now.

Despite a short-lived rally to $69,000 on Thursday, trader sentiment remains largely bearish, full of FUD and bearish expectations, as Santiment points out.

This crypto analytics firm believes that negative general consensus often precedes contrarian market moves, suggesting that the best buying opportunities may arise during such times of widespread disbelief in a potential rally.

Also Read: Crypto Prices Today April 5: Bitcoin at $67,000, Ethereum Nears $3,300, ADA and XRP Recover

1) Bitcoin (BTC)

Bitcoin (BTC)| Trading view

Bitcoin is a digital asset intended to serve as a medium of exchange, whose creation and management is controlled using cryptography rather than relying on central authorities.

At press time, Bitcoin price was trading at $66,997, with an intraday loss of 2.27%. The market capitalization is $1.37 billion, with a 24-hour trading volume of $38 billion.

An analysis of the daily chart shows that BTC price is fluctuating between two converging trendlines, suggesting the formation of a pennant pattern. This bullish continuation pattern suggests that buyers are regaining their strength to take the next plunge.

An upside breakout of the pennant pattern will signal the continuation of the prevailing rally and prompt buyers to target the $83,000 level.

Conversely, a break below the lower boundary will result in an extended correction to the $57,000 support level.

Also Read: Ethena Labs Increases USDe with Bitcoin on a Larger Scale

2) XRP

XRP| Trading view

XRP, the native cryptocurrency of the Ripple network, was designed to enable fast, low-cost and scalable international money transfers. Amid the market correction, XRP price witnessed a sharp reversal from resistance at $0.74, resulting in a 23% decline to $0.57.

On April 3, falling price resulted in a bearish breakout of the 61.8% Fibonacci retracement level and an ascending trend line. This dynamic support had sustained a recovery trend over the past two weeks and therefore a breakdown indicates a change in market dynamics.

XRP’s current market cap is $31.6 billion with an intratrading volume of $2.26 billion. With an intraday loss of 3.42%, the coin price shows a suitable continuation of the trendline break, suggesting that this decline could extend to $0.485.

Also Read: Ripple CEO Brad Garlinghouse Reveals Reasons for Stablecoin; XRP price is rising

3) Coat (MNT)

Coat (MNT)| Trading view

Mantle (MNT) is a cryptocurrency that operates within the Ethereum ecosystem and acts as a dual-role governance and utility token. It is an integral part of a Layer 2 scaling solution that leverages optimistic rollups to enable fast and cost-effective transactions.

Despite the market correction, MNT price has witnessed an aggressive recovery over the past two weeks. On March 27, the coin price managed an upward breakout from a rising channel pattern that had been intact for six months.

The recovery after the breakout saw the altcoin rise from $1.17 to its current trading price of $1.3, a weekly increase of 10.6%. The Mantle coin has a market capitalization of $4.15 billion, making it one of the largest cryptocurrencies.

If buying continues, MNT price could reach a target of $1.53 in the short term.

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

Bring away

With an intraday loss of 3.43%, the Bitcoin price evaporated the gains made on Thursday. Reverse pressure suggests that traders are selling these assets in an uptrend, a behavior often seen during established downtrends. Thus, the cryptocurrency market extends its correction, allowing traders to reassess their withdrawal strategies.

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