Bitcoin Could Potentially Dip Below $60K Before 'Hate Halving Rally,' Says Crypto Analyst
Portfolio Pulse from Benzinga Neuro
Crypto analyst IncomeSharks predicts Bitcoin (BTC) could fall below $60,000 before a 'hate halving rally' occurs, coinciding with the upcoming Bitcoin halving event. This prediction is based on the need to eliminate panic sellers. The halving, which introduces anti-deflationary features to Bitcoin, historically leads to a price surge. Other analysts have identified critical support and potential bullish triggers for Bitcoin's price. Jim Cramer advised against investing in Marathon Digital Holdings Inc (MARA), suggesting Bitcoin or Ethereum (ETH) as better alternatives. Bitcoin is currently trading at $61,562, showing a slight increase and a significant year-to-date gain.
April 18, 2024 | 3:36 am
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Jim Cramer advised against investing in Marathon Digital Holdings Inc, suggesting Bitcoin or Ethereum as better alternatives.
Cramer's negative stance on Marathon Digital Holdings in favor of direct cryptocurrency investments could lead to a short-term negative sentiment towards MARA's stock.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Bitcoin is predicted to fall below $60,000 before a potential rally due to the upcoming halving event, according to IncomeSharks.
The prediction of a price dip followed by a rally due to the halving event could lead to increased volatility in the short term. Historically, halving events have led to price surges, making this forecast particularly relevant for short-term traders.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Ethereum is mentioned as a recommended investment alternative by Jim Cramer, alongside Bitcoin, over Marathon Digital Holdings.
Jim Cramer's endorsement of Ethereum as a preferable investment to Marathon Digital Holdings could attract more investors to ETH, potentially impacting its price positively in the short term.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70