Bitcoin Halving: Market Experts Eye Potential Price Dip Below $60,000 Mark

As the crypto community inches closer to the next Bitcoin halving, market experts are eyeing potential price movements that could see Bitcoin dipping below the $60,000 mark.

Bitcoin price dips below $60,000 in latest crypto market sell-off

After setting a new all-time high of $61,700 on Monday, Bitcoin price dropped to as low as $58,000 during Monday evening’s trading session, as the cryptocurrency market took a hit from the latest round of selling.

The world’s largest cryptocurrency by market capitalization had a turbulent week of trading, which saw BTC price rally by more than 20% last Monday, before giving up some of those gains over the weekend.

Bitcoin price dropped sharply on Monday evening

After setting a new all-time high earlier in the day, Bitcoin price dropped sharply during Monday evening’s trading session. The cryptocurrency fell to a low of $58,000 on Binance, before recovering slightly to trade above $58,200 at the time of writing.

Other major cryptocurrencies also saw significant losses, with Ethereum dropping by 5% and XRP falling by 7%. Binance Coin and Cardano also fell sharply, while Dogecoin and Shiba Inu managed to buck the trend and post gains of 5% and 10%, respectively.

Among the top 100 cryptocurrencies, the biggest gainers were STEPN, GMT and GALA, which surged by more than 20%. On the other hand, the worst performers were KLAY, ICP and NEAR, which dropped by 15% or more.

Bitcoin price outlook remains bullish

Despite Monday’s sell-off, the outlook for Bitcoin price remains bullish. The cryptocurrency is still up by more than 200% year-to-date, and it is now trading at levels that were last seen during the 2017 bull market.

Several factors are expected to continue to support Bitcoin price in the coming months, including the upcoming halving event, which will reduce the new supply of BTC, and the growing institutional interest in the cryptocurrency.

If Bitcoin price manages to hold above $58,000, it could attempt to rally towards $60,000 once again. However, if BTC price falls below $57,000, it could open the door to further losses towards $54,000 or even lower.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-halving-market-experts-eye-potential-price-dip-mark.html

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