By NewsBlogger Bitcoin’s recent rally came to a halt as its price dropped to under $70,000, affecting altcoins as well. However, Bitcoin managed to recover with a surge on Thursday and is currently trading around $69,000, with a market capitalization of $1.360 trillion.
At a glance
- A price drop under $70,000 halted Bitcoin’s recent rally, which affected altcoins like BCH, DOT, DOGE, ICP, RNDR, WIF, and APT.
- Bitcoin saw a significant price decline last week but recovered with a five-grand surge on Thursday.
- BTC regained value over the weekend, reaching $69,000 and surpassing $70,000 on Monday.
- Bitcoin tapped a four-week peak of over $72,500 before gradually losing value. It is currently trading around $69,000 and has a market capitalization of $1.360 trillion.
- Market trends show BNB, TON, and XRP in the green, while larger-cap alts like ETH, SOL, AVAX, SHIB, DOGE, ADA, DOT, and BCH experienced losses.
The details
The recent rally of Bitcoin came to a halt as its price dropped to under $70,000. This decline also affected altcoins such as BCH, DOT, DOGE, ICP, RNDR, WIF, and APT, which experienced notable price declines.
However, Bitcoin saw a significant price decline last week but managed to recover with a five-grand surge on Thursday.
BTC regained value over the weekend, reaching $69,000 and surpassing $70,000 on Monday.
Bitcoin tapped a four-week peak of over $72,500 before gradually losing value.
Currently, the cryptocurrency is trading at around $69,000 with a market capitalization of $1.360 trillion.
Market Trends
While BNB, TON, and XRP are in the green, most other larger-cap alts like ETH, SOL, AVAX, SHIB, DOGE, ADA, DOT, and BCH experienced losses.
Additionally, WIF, APT, RNDR, ICP, STX, and NEAR saw notable price declines.
The cumulative market cap of all crypto assets has dropped over $40 billion in a day and over $80 billion since the peak on Monday.
Price Predictions
In terms of predictions, Benchmark Company analyst Mark Palmer forecasts that Bitcoin’s price will reach $150,000 by the end of 2025, surpassing his previous forecast of $125,000. Benchmark also raised its MicroStrategy price target to $1,875, doubling its previous target of $990, citing the company’s significant Bitcoin holdings as a key factor.
Palmer emphasizes the potential benefits of MicroStrategy’s Bitcoin holdings in light of the upcoming halving event and suggests that the company will finance its acquisition of around 298,246 BTC by the end of 2025 through capital raises and excess cash.
Skybridge Capital founder Anthony Scaramucci and Bitfinex analysts also set bullish price targets for Bitcoin, with Scaramucci forecasting a price of at least $170,000 within the post-halving cycle.
Marathon boss Fred Thiel believes that spot Bitcoin ETF approvals have accelerated the post-halving rally.
Thiel notes that the halving event will reduce the supply of Bitcoin by about 450 a day and predicts that Marathon’s break-even rate after the halving will be around $46,000 per BTC.
Bitcoin mining expert Jaran Mellerud predicts that the hash rate will not significantly fall after the halving and attributes the potential price surge post-halving to growing demand rather than the decline in supply.
Bitfinex also predicts that the post-halving bull market will push Bitcoin prices to $150,000. BTC prices have been rangebound in the upper $60K bracket since early March, with prices increasing by 65% this year leading up to the halving.
Investor Oliver Isaacs notes that BTC on exchanges is at a six-year low, and several countries are preparing to permit Bitcoin ETPs.
As of the time of writing, Bitcoin was trading at $69,200, following a 3% decline on the day.
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| cryptopotato.com |
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| – Bitcoin’s recent rally halted with a drop to under $70,000 – Altcoins such as BCH, DOT, DOGE, ICP, RNDR, WIF, and APT experienced notable price declines – Bitcoin saw a significant price decline last week but recovered with a five-grand surge on Thursday – BTC regained value over the weekend, reaching $69,000 and surpassing $70,000 on Monday – Bitcoin tapped a four-week peak of over $72,500 before gradually losing value – Cryptocurrency currently trades around $69,000 with a market capitalization of $1.360 trillion – BNB, TON, and XRP are in the green, while most other larger-cap alts are in the red – ETH, SOL, AVAX, SHIB, DOGE, ADA, DOT, and BCH experienced losses – WIF, APT, RNDR, ICP, STX, and NEAR saw notable price declines – The cumulative market cap of all crypto assets has dropped over $40 billion in a day and over $80 billion since the peak on Monday |
| cryptopotato.com |
|---|
| – Benchmark Company analyst Mark Palmer predicts Bitcoin’s price will reach $150,000 by the end of 2025. – Palmer previously forecasted a price of $125,000 by the same period. – Benchmark raised its MicroStrategy price target to $1,875, doubling its previous target of $990. – Palmer’s optimism about MSTR comes from the company’s significant Bitcoin holdings. – Palmer highlights potential benefits of MicroStrategy’s Bitcoin holdings in light of the upcoming halving event. – Palmer emphasizes the historical significance of Bitcoin halving events on prices. – Palmer suggests the upcoming halving could produce a similar effect on BTC prices. – Skybridge Capital founder Anthony Scaramucci forecasts Bitcoin to reach at least $170,000 within the post-halving cycle. – Bitfinex analysts set a price target for BTC between $150,000 and $169,000. – MicroStrategy has accumulated Bitcoin since 2020 at an average price of $35,160. – MicroStrategy currently holds 214,245 BTC as of April 9. – Palmer expects MicroStrategy to have around 298,246 BTC by the end of 2025. – Palmer suggests the company will finance this acquisition through capital raises and excess cash. |
| cryptopotato.com |
|---|
| – Marathon boss Fred Thiel believes spot Bitcoin ETF approvals accelerated the post-halving rally – Thiel stated that the halving event would reduce the supply of Bitcoin by about 450 a day – Marathon’s break-even rate after the halving is estimated to be around $46,000 per BTC – Bitcoin mining expert Jaran Mellerud predicted that the hash rate would not fall significantly after the halving – Mellerud believes that the growing demand, not the supply decline, will be the main factor fueling the price surge post-halving – Bitfinex predicted that the post-halving bull market would push Bitcoin prices to $150,000 – Bitcoin prices have increased by 65% so far this year leading up to the halving – BTC prices have been rangebound in the upper $60K bracket since early March – Investor Oliver Isaacs noted that BTC on exchanges was at a six-year low – Several countries are preparing to permit Bitcoin ETPs – Bitcoin was trading at $69,200 at the time of writing, following a 3% decline on the day |
