BITCOIN

Bitcoin retraces nearly 20% from its high point, analysis institutions claim the pullback has ended: optimistic about altcoins and mining stocks

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Bitcoin retraces nearly 20% from its high point, analysis institutions claim the pullback has ended: optimistic about altcoins and mining stocks

Prior to this, the analysis firm Swissblock, which previously predicted Bitcoin would retrace to $58,000, stated that the market consolidation has been completed. They expect altcoins and mining company stocks to perform "quite well" in the upcoming upward trend.

Bitcoin Retraces Nearly 20%, Is the Pullback Over?

It has been about a week since Bitcoin hit a historic high of $73,787 on the 14th, with BTC dropping to a low of $60,767 on the 20th, marking a maximum retracement of -17.64%.

Bitcoin's closing prices over the past six days were:

  • 16th: $65,308

  • 17th: $68,399

  • 18th: $67,611

  • 19th: $61,936

  • 20th: $67,825

  • 21st: $65,507

Swiss National Bank Unexpectedly Cuts Rates, Boosting the US Dollar

Despite Bitcoin dropping by about 3% to $64,854 after opening on the 21st, analysts believe that the market pullback has come to an end.

The decline in Bitcoin may be attributed to the Swiss National Bank's sudden rate cut, further strengthening the US dollar and putting pressure on asset prices.

Swissblock: Bitcoin Pullback is Over

Market analysis firm Swissblock previously emphasized on March 13 that the price of Bitcoin has nearly doubled from the end of January at $38,000, without any significant retracement, suggesting a correction period may be on the horizon.

Bitcoin also briefly approached their predicted retracement target price of $58,000-$59,000.

Temporary Pullback for Bitcoin? Analysts Predict BTC to Drop to $58,000

Swissblock analyst Henrik Zeberg stated in Thursday's market update:

Higher price levels are now coming, and altcoins and Bitcoin miners will perform "very well" in the next phase of the uptrend.