Bitcoin Below $70K as Halving Looms

Bitcoin has fallen again and is having difficulty staying above $70,000, even with the halving coming up very soon.

Written by: Timothy St. John • Wednesday, April 10, 2024 • 1 min read

• Last updated: Wednesday, April 10, 2024

Cryptocurrency analysts expect Bitcoin (BTC) to pick up momentum as the halving approaches, which takes place in just 10 days.

The token is down to $68,125 (BTC/USD) today, though, showing signs of a bearish trend that will make it difficult for the coin to reach some of those sky-high numbers that many investors predicted.

It now seems unlikely that Bitcoin will manage to even hit $80,000 by the time the halving comes around. We may not see $100,000 for months, even though many analysts were predicting that Bitcoin would hit that milestone around this time.

At the time of writing this article, Bitcoin had dropped 4.19% from the previous day. What looked like the start of a bull run has corrected and left investors wondering if Bitcoin is going to struggle with the $70k level for much longer.

Bitcoin Moving Forward

If the Consumer Price Index numbers are good today, then Bitcoin could get some help back above $70,000. US CPI is expected to show higher inflation levels, though, just as it did over the last two months. That would set the market back and make investors less willing to risk their money on the volatile cryptocurrency market.

US inflation will keep Bitcoin back and prevent it from reaching some of the predicted milestones for the year, unless the numbers start to turn around and improve.

The Federal Reserve will be releasing its minutes today as well, which could help move the needle for Bitcoin too. The coin needs some kind of boost at this point, with trade volume up from yesterday by only 4.4%. Of course, the trading was hot and high for Bitcoin on Tuesday as the coin was climbing, but BTC will not be able to get back above $70,000 with light trading levels.

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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.