Bitcoin’s (BTC) attempt to recover and reclaim its all-time high above $73,000 is facing hurdles, with the asset currently trading below the $70,000 mark amid anticipation ahead of the halving event. Recent price movements have led to Bitcoin’s bearish price predictions, with a section of the market suggesting the outlook is part of the pre-halving retrace.

For instance, cryptocurrency trading expert Alan Santana, in a TradingViewpost on March 23, warned investors to brace for a sell-off, noting that Bitcoin’s bearish bias remains strong.

With Bitcoin struggling to breach the $65,000 resistance, Santana forecasted a continued downward trajectory for Bitcoin over the coming days or even weeks. The analysts anticipate that this downward movement will follow a pattern of bottom formation, accumulation, and reversal signals before any potential recovery.

As per the analyst, Bitcoin has consistently traded above the exponential moving average 21 (EMA21) daily, confirming a bearish sentiment in the market. Santana projected that the next target for Bitcoin would be around $59,000 in the short term, with a swift breach of this level expected. The subsequent levels to watch out for are $55,000, with a possible floor as low as $51,000-$53,000.

“Just keep in mind that the first crash will be fast and some 20-30% will disappear to not comeback for 6-8 months,” he said. 

Bitcoin’s levels to watch 

Examining Bitcoin’s short-term trendlines, the trading expert observes that the cryptocurrency is currently confined within a bearish territory. This indicates a prevailing negative sentiment among traders. 

Notably, for a shift towards bullish momentum, Bitcoin would need to surpass and close above $68,500, with a preliminary positive indication being a move above $66,666.

“For bullish potential to be considered or go back into play in this chart setup, Bitcoin needs to move and close above $68,500. Moving and closing above $66,666 is a good start. Any trading below $65,000 and the bearish bias remains strong while we wait for lower prices,” he added. 

In recent days, Bitcoin has experienced heightened volatility, briefly reaching close to $60,000. Analysts attribute this correction in part to overheated market conditions, labeling it a “pre-halving retrace”.

Market observers suggest that the volatility is also due to outflows from spot Bitcoin exchange-traded funds (ETFs). Notably, ETFs have seen consecutive days of money flowing out.

Bitcoin price analysis 

By press time, Bitcoin was trading at $64,5700 with losses of almost 5% in the last seven days. It is worth noting that earlier in the week, Bitcoin briefly touched the $68,000 mark before correcting. 

Overall, Bitcoin’s price remains at a crucial juncture as it faces the challenge of reclaiming $65,000. Continued trading below this mark would render it vulnerable to losses below $60,000.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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