Bitcoin Could Correct To $56K If It Breaches This Support Level, Warns Analyst: 'First Sign Of A Rebound Will Be...'
Portfolio Pulse from Benzinga Neuro
Cryptocurrency analyst Ali Martinez warns that Bitcoin could correct to $56,200 if it breaches the critical $61,000 level. A rebound could see it rise to $66,500, with the first sign being a 4-hour candlestick close above $62,300. This comes amid significant market volatility and concerns over potential major price corrections due to inflation and geopolitical tensions. Despite challenges, the approval of Bitcoin and Ethereum ETFs in Hong Kong signals a positive long-term outlook.
April 18, 2024 | 7:52 am
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POSITIVE IMPACT
Despite market volatility, the approval of Bitcoin and Ethereum ETFs in Hong Kong signals a positive long-term outlook for Ethereum.
The approval of ETFs in Hong Kong is a significant regulatory milestone that could lead to increased adoption and investment in Ethereum, suggesting a positive impact on its price in the longer term.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 70
NEUTRAL IMPACT
Bitcoin could face a correction to $56,200 if it falls below the $61,000 level, but a rebound above $62,300 could lead to an upswing to $66,500.
Martinez's analysis suggests a pivotal moment for Bitcoin, with its next direction heavily dependent on its ability to maintain or breach the $61,000 level. Given the current market volatility and recent analyst warnings, the short-term impact is uncertain, hence a neutral score.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100