Bitcoin Price Tumbles to $60,890: Expert Predictions on the Next Big Move

The post Bitcoin Price Tumbles to $60,890: Expert Predictions on the Next Big Move appeared first on Coinpedia Fintech News

Bitcoin fell sharply on May 10, from $62,813 to $60,890 in one hour. Many bullish investors were forced to sell their assets at a loss after the price drop. 

Following weeks of investor skepticism and unpredictable market conditions, experts believe the crypto market is consolidating. Bitcoin (BTC) has fallen since its March all-time high, with Friday’s plunge suggesting dip buyers are less interested. Federal Reserve members’ aggressive comments and falling inflation expectations have accompanied this decline.

Navigating the “Bore You to Death” Phase

Notably, Blockchain activity is similarly low, with Bitcoin transactions falling and ether (ETH), the second-largest cryptocurrency, inflating. Similar consolidation occurred from April to September 2023, when Bitcoin ranged between $25,000 and $30,000 for six months before a multi-month surge to new all-time highs.

However, Charles Edwards, founder of Capriole Investment, calls this phase the “bore you to death” phase, lasting one to six months. Bitcoin shows low volatility and stays within a range. Sentiment may turn negative before the phase ends, hinting at a possible reversal.

Buy the Dip or Sell? 

Traders are showing weak #buythedip interest in #Bitcoin's latest retrace down to as low as $60.2K today. Generally, the crowd's lack of faith is a strong sign of prices being close to a #bottom. Track social interest levels to see if #FUD stays high. https://t.co/cZjTWcCnL2 pic.twitter.com/Nj19XkIdgq

— Santiment (@santimentfeed) May 10, 2024

Bitcoin’s recent pullback saw modest “buy the dip” activity from traders, suggesting a price bottom, according to Santiment. Bitfinex analysts believe the slowdown to last into early summer until the Federal Reserve implements its balance sheet run-off curbs in June.

Michael van de Poppe has weighed in on X, suggesting that the recent bearish movement might lead to more downward trends. He firmly believes that the final accumulation phase for Bitcoin is ongoing. Emphasizing the importance of Bitcoin closing above $61,000 soon to prevent a potential drop to the $52,000-$55,000 range.

Bitcoin vs Dollar

The recent drop in Bitcoin’s price coincided with a surge in the U.S. dollar, but a subsequent rebound in Bitcoin prices following a weaker dollar suggests a potential turning point in the trend. Analysts believe that sustained strength in Bitcoin and a weaker dollar could set the stage for a bullish Q3 and Q4 for the cryptocurrency, signaling optimism for the market’s future trajectory.