Bitcoin Price Falls Below $9,000 and then Recovers

Bitcoin ended the month of April with a monthly high of $9,498. During the next 24 hours, it has undergone significant downward revisions but then recovered back to $9,000 level.

Despite such a correction, the community anticipates the upcoming halving to cause a long-term bullish sentiment.

Apart from Binance Coin (BNB), all other top 10 leading cryptocurrencies including BTC, Ethereum (ETH) and Ripple (XRP) were trading in red, according to CoinMarketCap. However, as of press time, most of them had rocketed back into the green zone. 

BTC/USD 24h price analysis

As of Friday, 1 May 2020, the Bitcoin price has plunged by 4.32% from 24 hours ago to about $8,804.  However, later on, the rate rebounded to $9,035 as of press time. BTC’s 24-hour trading volume is almost $51.3 billion, and the market cap is around $165.8 billion. The total cryptocurrency market capitalization is sitting at above $247.756 billion, and the bitcoin market share is 65.2%.

Investor sentiment drops

Investor sentiment shrank slightly from the previous day. According to cryptocurrency data provider Alternative, the 'crypto fear and greed index' recorded 40 points, down 4 points from the previous day (April 30). 

Halving to trigger the cryptocurrency price to skyrocket

In order for BTC to start a new rally, bulls must first remove the $8,800 and $8,950 resistance levels. If BTC breaks the $9,000 resistance level, it can boost its price to the $9,200 and $9,500 ranges in the short term.

Nevertheless, the overall sentiment in the market is ambiguous. Some experts express high trust in this asset. For instance, a bitcoin analyst Mati Greenspan announced in his Twitter page that he has switched 100% of his cryptocurrency portfolio to bitcoin.

Call it FOMO, call it blind faith, or even stupidity, IDC.

My @etoro account is now 100% allocated to $BTC.

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) April 30, 2020

On the other hand, an analyst and cryptocurrency trader George1Trader expressed an opinion that the market will range until BTC exceeds a critical level of $11,800 within a week. In such a case we might expect a long-term bullish trend in both pre-halving and post-halving period.

$BTC

This is a ranging market until we close a weekly above 11.8k. That's when the real firework starts! pic.twitter.com/mHWEGxeZ63

— George (@George1Trader) April 30, 2020