Bitcoin has seen a downfall for the third consecutive day. The Bitcoin price started a major decline from the $47,000 resistance zone and the decline hasn’t stopped since then. The decline below $47,000 saw Bitcoin price dropping below $46,000, $45,000.
At the time of reporting, Bitcoin Price is trading at $43,425 after a downfall of 4.54% in the last 24hrs. The immediate resistance lies at $43,800 and the next resistance lies at $44,250. However, Bitcoin must clear $44,800 and $45,000 resistance levels to start its fresh bull run.
On the flip side, if Bitcoin fails to break the $44,000 resistance, it could move downward and the immediate support lies at $43,000 and $42,000.
Veteran Traders Predict Bitcoin Price To Explode In 2024
Though Bitcoin is facing one of its hardest times to regain the $45,000 level, veteran trader Peter Brandt took to Twitter saying the next Bitcoin bull run will kick off in May 2024.
Also, Peter Brandt is seen quoting that on average, previously Bitcoin took 33 months to start another bullish phase from its bearish pull. In spite of Bitcoin’s present price volatility, Brandt expects the flagship currency to rejuvenate its earlier boom-and-bust cycle.
One of the reasons for Bitcoin to face a correction is the US Federal Reserve adopting a more aggressive outlook toward cryptocurrencies. However, Mike Novogratz, Galaxy Digital CEO, claims the Federal Reserve to remain super hawkish only for the short term, as he doesn’t expect this trend to last long. Also, he is certain that Bitcoin could go to the moon once the economy falls again.
Interestingly, during the month of March, Peter Brandt had made a case against holding Bitcoin as the currency was facing a downfall. He was seen claiming that he is not a big fan of Holding Bitcoin and now he is here expecting Bitcoin to see a bull run in 2024.