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BlockNews
Home CRYPTO

Bitcoin Could Dump 20% to $58,000 and Here is Why

Gary Ponce by Gary Ponce
March 14, 2024
in CRYPTO
Reading Time: 3 mins read
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  • Bitcoin has nearly doubled in price since late January, but analysts say a pullback of up to 20% may be coming after the massive rally.
  • Though a drop in the near term is likely, analysts remain confident in Bitcoin’s long-term uptrend resuming after any counter move.
  • Despite the potential for a price drop soon, analysts still have a bullish long-term outlook for Bitcoin based on the huge gains seen so far in 2023.

Bitcoin nearly doubled in price since late January, but a “counter move seems to be near,” Swissblock analysts said.

Bitcoin Price Action

Bitcoin was trading around $23,600 at press time and is up about 5% over the past week. The cryptocurrency has gained 97% year-to-date.

The recent price action represents a “massive rally” from Bitcoin’s lows. However, analysts think a pullback may be in the cards.

“Bitcoin nearly doubled in price since late January, but a ‘counter move seems to be near,’ Swissblock analysts said,” according to the report.

ICYMI: #Bitcoin will likely dump to $58,000-$59,000 in its next move, reports analytics firm Swissblock

Do you agree?

— BlockNews.com (@blocknewsdotcom) March 13, 2024

Potential For Price Drop

Swissblock analysts believe Bitcoin could see a drop of up to 20% in the near term.

“Bitcoin could see a drop of up to 20% in the near term,” the analysts said. However, they believe the long-term uptrend will resume even if a pullback occurs.

“However, they believe the long-term uptrend will resume even if a pullback occurs,” the report noted.

Long-Term Outlook

The potential for a pullback does not change the long-term bullish outlook for Bitcoin, according to analysts.

“The potential for a pullback does not change the long-term bullish outlook for Bitcoin, according to analysts,” the report said.

Bitcoin’s rally from its recent lows has been massive. And while a counter move could be coming, analysts remain confident about crypto’s prospects over the longer term.

Conclusion

Bitcoin has seen huge gains in 2023 so far. But after such a substantial rally, analysts say a pullback is likely. A drop of up to 20% could occur in the near term. However, analysts still see upside for Bitcoin over the longer term. Even if a counter move emerges, they expect the uptrend to resume.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinBlockchaincryptoSwissblock
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Gary Ponce

Gary Ponce

Gary has been active in the crypto space since 2019, developing hands-on experience in trading, airdrop hunting, and identifying emerging narratives in low-cap tokens. For over four years, he has contributed research and editorial content with Aiur Labs and BlockNews, focusing on market analysis and community insights. His work reflects both transparency and independent reporting, with an emphasis on simplifying complex ideas for readers. Gary is a long-term believer in Bitcoin, Sui, Hype, Litecoin, XRP, and select meme tokens, combining personal trading knowledge with professional editorial standards.

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