On April 25, Bitcoin started an impressive rise and added nearly $3,000 to its value within hours. As a result, the asset rallied to almost $41,000 after their recent decline. However, the past day, the cryptocurrency dropped below $39,000. So what to expect now?
Bitcoin price is below $39,000 again
As we have reported on Kriptokoin.com, about five days ago, BTC made an impressive rise and added $ 3,000 to its value. It rose to almost $41,000 after its recent decline. However, this price surge was short-lived as the bears pushed the cryptocurrency down again. Moreover, this decline was even more severe, with BTC trading below $38,000 for the first time in six weeks.
Bitcoin reacted well at this point and jumped to $40,000. It even briefly surpassed that level, but the general bearish sentiment in the cryptocurrency market has dragged it backwards once again. As of now, BTC is trading below $39,000 and its market cap has dropped well below $750 billion. At the time of writing, BTC is changing hands at $38,633, down 1.4 percent.
Analyst announced their targets for 2022
While most analysts are commenting on what Bitcoin’s next move will be, long-term comments are also noteworthy. An important issue that experts who share their long-term analyzes draw attention to is the Bitcoin halving, that is, the block halving. Halving is the process of halving Bitcoin mining rewards after each set of 210,000 blocks is mined. By reducing the returns from Bitcoin mining as more blocks are mined, the Bitcoin halving limits the supply of new coins, so prices could rise if demand remains strong.
An analyst named Wolves of Crypto, to the 200-week SMA, stands out for the end of the downtrend. He argues that after BTC slumped to this level of around $24,000 by December, the uptrend could be seen. So, according to the analyst, BTC is currently in the correction phase in the halving cycle. The record of $ 69,000 in November was the high level.
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