Swissblock, an analytical organization that previously predicted Bitcoin would pull back to $58,000, has stated that the market consolidation is complete and they expect alternative coins and mining stocks to perform “quite well” in the next upward trend phase.
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Bitcoin Pullback: Is the Correction Over?
Swiss National Bank Unexpectedly Cuts Interest Rates, Strengthening the US Dollar
Swissblock: Bitcoin Pullback is Over
Bitcoin Pullback: Is the Correction Over?
About a week has passed since Bitcoin hit a new all-time high of $73,787 on the 14th. On the 20th, BTC dropped to a low of $60,767, marking a maximum pullback of -17.64%.
BTC closing prices over the past six days were as follows:
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16th: $65,308
17th: $68,399
18th: $67,611
19th: $61,936
20th: $67,825
21st: $65,507
Swiss National Bank Unexpectedly Cuts Interest Rates, Strengthening the US Dollar
Despite a 3% drop to $64,854 on the 21st, analysts believe that the market pullback has ended.
The decline in Bitcoin may be attributed to the Swiss National Bank’s sudden interest rate cut, further strengthening the US dollar and exerting pressure on asset prices.
Swissblock: Bitcoin Pullback is Over
Swissblock, a market analysis company, previously highlighted on March 13th that the price of Bitcoin has nearly doubled since the end of January, with no significant pullbacks, indicating that a correction period may be imminent. Bitcoin also briefly approached their predicted pullback target of $58,000-$59,000.
Swissblock analyst Henrik Zeberg stated in Thursday’s market update:
Higher price levels are now about to come, and altcoins and Bitcoin mining companies will perform “very well” in the next phase of the upward trend.
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Further reading:
Bitcoin ETF Outflows Narrow for Four Consecutive Days, Bloomberg Analyst: Worst Case Scenario Coming to an End
JPMorgan: Bitcoin Still in Overbought Zone, Potential Correction to $42K