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The world’s largest cryptocurrency Bitcoin (BTC) has continued to present sideways motion as the value consolidates round $51,000. BTC registered its first adverse weekly closing in round 4 weeks because the Bitcoin worth began a rally in direction of $52,000 in late January. At press time, BTC is buying and selling 0.14% down at a worth of $51,500 with a market cap of $1,011 billion.

Key Bitcoin (BTC) Price Range to Watch

While everyone seems to be eagerly awaiting a rally in March forward of the Bitcoin halving event, JPMorgan believes that the rally is already priced in.

Popular crypto analyst Ali Martinez stories that the Bitcoin worth is buying and selling between two important provide zones that might decide its short-term trajectory. The first provide zone, serving as a crucial help degree, ranges from $50,000 to $51,570, the place roughly 1.3 million addresses maintain a complete of 670,220 BTC.

Conversely, the second zone, performing as a formidable resistance barrier, spans from $51,640 to $53,200, with 752,600 addresses collectively holding 351,600 BTC. However, citing information from Coinglass, Martinez additionally famous that “$76.38 million will be liquidated across the board if Bitcoin price jumps to $52,250!”

Analysts recommend {that a} decisive break above the resistance zone may pave the way in which for a bullish upswing towards $57,130. Conversely, failure to maintain above the help zone could sign a corrective motion in direction of $47,700.

BTC Price Drop to $40,000 Not Ruled Out

Some market analysts have additionally requested buyers to be cautious at this stage noting that Bitcoin worth upside seems to be restricted from right here onwards. Crypto analyst Michael van de Poppe expressed uncertainty concerning the potential for an imminent correction in Bitcoin’s worth.

He anticipates that the present rally may attain its peak inside the $54,000 to $58,000 vary. Following this peak, he predicts a major correction to the $40,000 to $42,000 vary, probably occurring after the halving occasion.

Furthermore, many market analysts predict a significant correction on Wall Street this yr. Last week, Bitcoin maximalist Max Keiser said {that a} 1987-like correction is probably going on Wall Street. Historically, Bitcoin worth and the crypto market have crashed each time there’s been a significant correction on Wall Street. However, Max Keiser believes that Bitcoin will show to be a risk-off asset this time.

This is a typical misperception; #Bitcoin is a risk-off asset and the best secure haven asset accessible. https://t.co/dqltY7eGzq

— Max Keiser (@maxkeiser) February 25, 2024

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Bhushan is a FinTech fanatic and holds a superb aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary expertise.

The introduced content material could embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.