Bitcoin Price Plummets to $66k: Is it a Opportune Moment to Seize the Dip?

Bitcoin’s (BTC) price has been struggling to surpass $71,272 in recent weeks, causing a significant decline in the altcoin market. According to market data, the cryptocurrency market cap has dropped by over $200 billion in the past 24 hours, reaching around $2.65 trillion.
In the last 24 hours alone, more than $400 million has been liquidated from the crypto market, with the majority of losses coming from long traders. This sudden sell-off comes after $15 billion worth of Bitcoin and Ethereum options expired at the end of March.
One reason for the increased adoption of stablecoins by whale traders is the preparation for the upcoming Bitcoin halving. On-chain data analysis by Santiment reveals that wallets holding at least $5 million in crypto assets have accumulated approximately 5.09 percent of the top stablecoin supply. Consequently, crypto whales now have more buying power as the halving approaches.
Despite the market downturn, Santiment analysis shows that the crowd remains optimistic and expects a rebound in the coming weeks. Social volume for buying the dip has surpassed that of sellers.
In the medium term, there are expectations of a pre-halving rally despite outflows from Grayscale’s GBTC. Crypto analyst Captain Faibik predicts a bullish breakout for Bitcoin, noting a bullish pennant pattern on the higher time frame. If this breakout occurs, Bitcoin could reach between $88k and $90k by the end of the month. This positive movement in Bitcoin’s price is expected to impact the altcoin industry as well.
Tags: Bitcoin, Price Analysis