New Price Prediction for Bearish Bitcoin

Bitcoin is down today, continuing a bear trend from last week, but it could quickly turnaround as the serious investors get ahold of it.

Timothy St. John•Monday, March 18, 2024•2 min read

Bitcoin (BTC) has fallen more than 7% over the last week, dropping to $67,162 (BTC/USD) after falling from a new record high.

Bitcoin (BTC) Falls below its New Record High.

The coin looks to be going through a bearish trend, though its movement is erratic. Over the past few days, the price has spiked and plummeted over and over.

This could be a case of casual investors dropping out after they see the price drop, while whales and long-term investors are trying to prop up the price so it can push toward $100,000. The overall trend is bearish, but the erratic movement suggests a struggle taking place on the market for Bitcoin.

Trade volume is down for the token, but not by much. The 15% drop over the last day could easily reverse by later in the day, as could the declining price.

Where Is Bitcoin Headed?

It does not look like the major Bitcoin investors will let this coin stay down for long. It has still retained much of the gains it made over the last 30 days, so Bitcoin is not in a bad place right now. The coin’s price has grown by nearly 30% in the last month alone, so even though the price has been dropping slightly recently, that is not going to hold it back very long from its upward progress.

Despite the small setback, it looks like Bitcoin is still well on its way to achieving a price point of $100,000 in the next few months. It could even hit that mark before the halving that is taking place in late April.

We expect the price to skyrocket at that point, as Bitcoin will become more precious and more difficult to mine. The last few days of decline could hold back the $100k level for a little longer than anticipated. We may see the casual investors turn skittish again at key points along the way.

Now that a new record has been set this year for Bitcoin, we probably will not see resistance at the $70,000 mark, but there could be resistance at $80,000. We imagine many investors will set that as a milestone to sell their Bitcoin and move on.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.