Easter Weekend Sees Bitcoin Fall 6%

Bitcoin (BTC) fell even further on Tuesday morning as the long Easter weekend closed off. In that period, Bitcoin fell about 6% and dropped to $65,432 (BTC/USD).

The token is now well below the crucial $70,000 level and is going to have some trouble recovering back to that point. Investor confidence in Bitcoin is decreasing as we head into the halving event, but that important occurrence could change things around for the cryptocurrency.

As Bitcoin plummets, we are also seeing other cryptocurrencies fall, with Ethereum (ETH) taking a 9% dive over the last week. Solana (SOL) and XRP (XRP) fell sharply too, with drops of 7.38% and 8.62% respectively over the last week.

Bitcoin Price Prediction in the Aftermath

Easter was not a good time for the crypto market, and it was especially hard on Bitcoin because the token was starting to recover back above the $70,000 level. Now, it looks like it may be much longer before we see Bitcoin achieve $100,000.

Despite numerous predictions that Bitcoin was headed “to the moon” and could not be slowed down, the coin has struggled over the last couple weeks to even get above $70k. While we previously predicted that Bitcoin could make it to $100,000 by the time it halves later in April, that looks incredibly unlikely at this point.

The coin may still reach that milestone by the end of the year, but there is so much slowdown in Bitcoin trading right now that it simply cannot gain the momentum to get over the $70k hurdle.

A big part of what is holding Bitcoin back is the current inflation level, which continues to rise. The data for Nonfarm Payrolls later this week will help investors figure out where inflation might be going and if it is safe to put their money in Bitcoin and other cryptocurrencies.

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.

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