Ethereum
Bitcoin (BTC) and Ethereum (ETH) crushed. Is the bull crushed?
Alex Dovbnya
Is Bitcoin about to see more upside after a very severe decline?
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The cryptocurrency market is currently experiencing a severe correction that caught many market participants off guard just days before the highly publicized halving event.
However, prominent macroeconomist and trader Henrik Zeberg is convinced that Bitcoin is actually poised for “more upside.”
A disastrous fall in prices
Earlier today, the price of Bitcoin, the world’s largest cryptocurrency, crashed to $65,086 on the Bitstamp exchange.
At press time, it is trading slightly above the $67,000 level after paring some losses.
Ethereum (ETH) is performing even worse than the largest cryptocurrency, crashing more than 10% in the last 24 hours.
Around $735 million worth of crypto was liquidated in the last 24 hours, with long positions accounting for almost all of that wipeout ($668 billion), according to CoinGlass. data.
Cryptocurrencies fell alongside US stocks on growing geopolitical risks, while gold saw a brief rally earlier in the day.
Due to the severe rout of altcoins, Bitcoin dominance has managed to reach almost 56%, which is the peak of the current market cycle.
The impact of the halving
The biggest cryptocurrency crash comes just days before the next halving event, which is scheduled to take place on April 21.
As reported by U.Today, several experts, including Arthur Hayes, co-founder of Bitmex, are convinced that the cryptocurrency will experience a price drop around this high-profile event.
However, Zeberg remains optimistic due to the formation of a bull flag that can be seen on Bitcoin’s four-hour chart.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.