Bitcoin Price Prediction as Bears Push BTC Below $63,000 Level – Where is the Next Support

Arslan Butt

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| 3 min read

Bitcoin Price Prediction - Source: Tradingview
Bitcoin Price Prediction – Source: Tradingview

Bitcoin (BTC) maintained its upward trend and experienced a strong upward rally, hitting the intra-day high of $65,100 before dropping near the $63,000 mark. Despite minor dips in other altcoins like Ethereum (ETH) and Dogecoin (DOGE), BTC held its ground.

Fidelity’s sizeable investment in a Bitcoin ETF, which reflects strong institutional confidence, was one of many factors that contributed to the recent bullish performance of Bitcoin.

Meanwhile, slower economic growth and high inflation in the US could weaken investor sentiment and put downward pressure on the US dollar, boosting the appeal of Bitcoin as a hedge.

Robert Kiyosaki Endorses Cathie Wood’s Bitcoin Prediction: A Potential Surge for $MEDA

Robert Kiyosaki, a noted financial expert, supports Ark Invest’s prediction that Bitcoin could soar to between $120,000 and $2.3 million due to potential institutional investments.

He emphasizes the value of taking risks and investing in Bitcoin, suggesting that such steps offer both financial growth and valuable lessons.

Kiyosaki’s backing might boost investor confidence, potentially increasing demand and driving up Bitcoin prices.

Key Takeaways:

  • Kiyosaki endorses Ark Invest’s high Bitcoin price forecast.
  • He encourages embracing risk for potential high returns and learning.
  • His support could elevate Bitcoin’s market demand and price.

Mark Yusko Forecasts $300 Billion Boom from Baby Boomers into Crypto

Mark Yusko, CEO of Morgan Creek Capital, anticipates a significant $300 billion transfer from American baby boomers’ retirement accounts into cryptocurrency, particularly through Bitcoin ETFs.

Despite the current $53 billion value of Bitcoin ETFs, Yusko sees this as merely the beginning, suggesting that only 10% of the potential market impact has been realized. This influx could propel Bitcoin’s total market value close to $6 trillion, marking a substantial market upswing.

Key Takeaways:

  • Yusko predicts a $300 billion investment shift from boomers to crypto.
  • Significant potential growth for Bitcoin’s market value.
  • Marks a pivotal shift in investment trends towards cryptocurrency.

U.S. Economic Slowdown and High Inflation Shape Investor Sentiment

In the first quarter of 2024, U.S. economic growth underperformed, expanding only by 1.6% compared to the expected 2.5%. Persistently high inflation is evident, with the Personal Consumption Expenditures Price Index rising at an annual rate of 3.4%, above the Federal Reserve’s target of 2%. Despite these conditions, the likelihood of a Federal Reserve rate cut in June remains low.

Investors, now bracing for another inflation report expected to show a 0.3% monthly increase, might experience shaken confidence, potentially weakening the U.S. dollar and boosting interest in cryptocurrencies like Bitcoin as inflation hedges.

Key Points:

  • Slower U.S. economic growth and high inflation may reduce investor confidence.
  • Potential weakening of the U.S. dollar.
  • Rising interest in Bitcoin as an inflation hedge.

Bitcoin Price Prediction

Today’s Bitcoin (BTC/USD) analysis reveals a slight downturn in its price, now at $63,751.01, accompanied by a trading volume over the past 24 hours of approximately $26.74 billion. The cryptocurrency’s market capitalization stands at roughly $1.255 trillion, securing its top rank on CoinMarketCap.

Currently, Bitcoin hovers just above a pivotal level of $63,580. Failure to maintain this threshold, already breached, suggests potential further declines. Immediate supports are identified at $62,460, followed by $60,990 and $59,745.

On the resistance side, $65,092 marks the first barrier, with subsequent levels at $66,745 and $68,350.

Bitcoin Price Prediction - Source: Tradingview
Bitcoin Price Prediction – Source: Tradingview

The technical indicators underscore the bearish sentiment: the RSI at 44 indicates a lack of strong buying momentum, and the 50-day EMA sits slightly below the current price at $63,225, further supporting potential downward movement.

Conclusion: The outlook remains bearish as long as the price is below $63,580. A reversal above this level could alter the bias to bullish, suggesting an opportunity for a recovery toward higher resistance levels.

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