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Bitcoin Price Regains Its Strength: Will It Surpass The $70k Resistance Mark

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Bitcoin Price Regains Its Strength: Will It Surpass The $70k Resistance Mark?

Despite a less than ideal start to the week, Bitcoin has managed to regain some of its lost ground. A significant development occurred this Thursday when the token’s price once again exceeded the $69,000 barrier, albeit briefly. This could potentially be a pivotal moment for investors in the short term.

While the currency’s recovery hasn’t yet established a firm trajectory towards $73,000 as seen in early March, there’s still hope. If the positive momentum continues, there could be a value surge a few days before the halving event. This event, which involves an automatic reward cut, is scheduled for April 20 at block level 840,000.

Despite a solid bullish trend in BTC this year, the currency remains susceptible to volatility. It’s important to note that Bitcoin’s price is unable to maintain a stable zone, with its movements often being sudden and unpredictable. This underscores the need for caution in investment decisions.

Either way, short- and medium-term forecasts for the digital currency remain high. The shortage of issuance that occurs from the halving and the demand from institutional institutions remain the two important factors to consider.

Bitcoin price is currently experiencing a slight lull after recent highs: source: CoinMarketCap

Analysts see the price of Bitcoin positively

Now that Bitcoin’s price has returned to a position close to the best moments of March, investors are waiting. It is difficult to determine the currency’s fate in the short term, especially given the current market volatility.

It should be noted that the upcoming halving has bullish characteristics regarding the price of BTC. However, they generally occur a considerable time after the consummation of the event. This means that a bullish rally is not on the horizon, at least theoretically.

According to the specialized portal Changelly, the average exchange value of the queen cryptocurrency will be $88,520 per unit at the end of 2024. According to this perspective, the market sentiment is 72% bullish, while the remaining 28% have a bearish view.

Meanwhile, experts expect that a new all-time high will be reached in the immediate term before April 10. That same forecast places the price of Bitcoin at $76,000 on the day of the halving and exactly 10 days after the event at $86,200. It is important to remember that no price forecast can be taken for granted. At the end of the day, the currency will vary depending on the market mood at the time in question.

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Cryptocurrencies have become an integral part of the global financial landscape, offering new opportunities and challenges. Among the myriad of