Bitcoin's Price Plummets to the $60,000s: How Much Lower Will It Go?

Witness the dramatic turn in the cryptocurrency landscape as Bitcoin's price plummets to the $60,000s, sparking widespread speculation on its next moves.

This in-depth analysis delves into the reasons behind the sudden drop, expert predictions on future price movements, and strategic advice for navigating the volatile market.

Bitcoin's Sudden Price Drop, Reports of Millions in Liquidations

On April 2, 2024, around 11 a.m., Bitcoin (BTC) experienced a sharp decline in price, falling from around $70,000 to the vicinity of $66,000.

After dropping to $66,000, there was a slight rebound, but the downward trend seems to continue, with the price of Bitcoin at the time of writing this article being $66,542.

Additionally, during this drop, there were reports of significant liquidations in major cryptocurrencies, with Bitcoin seeing about $50 million worth of long positions being liquidated.

Concerns of Further Declines in Bitcoin

Looking at the long-term charts, this recent decline appears to be relatively minor, and while the price levels near the all-time highs of 2021 are maintained, the price of Bitcoin had been on the rise since around January this year, leading to increased concerns over "further declines."

Moreover, with the "halving" expected to occur around April 20, 2024, some traders and analysts believe that "Bitcoin prices tend to fall before a halving," contributing to the heightened sense of caution.

The Next Price Levels to Watch: Around $63,150?

Given these developments, the cryptocurrency market is focused on "how much lower Bitcoin prices could go?"

Renowned analyst Ali Martinez mentioned in a post on April 1 that "Bitcoin could fall to between $65,250 and $63,150," based on on-chain data published by "IntoTheBlock," indicating that around 760,000 wallets have purchased a total of 520,000 BTC within the $65,250 to $63,150 price range.

Potential Support Lines if the Price Falls Further

While the above post indicates support lines close to the current price, Ali Martinez also outlined "important support lines for Bitcoin" in a post on March 19, including:

• $61,100
• $56,685
• $51,530

Although Bitcoin only fell to around $61,000 at that time, with the current price drop to the $60,000s, should the BTC price fall below $63,150, the aforementioned price ranges could become significant support lines.

In his post on March 19, Martinez also suggested the "Dollar Cost Averaging (DCA)" investment strategy as effective during price declines, proposing a method of purchasing small amounts at $1,000 intervals.

>> Click here for other price projections.