Bitcoin‘s market momentum continues to stagnate, with signs pointing to a possible price decline in the coming weeks, echoing patterns seen after previous halving events.
On April 26, as Wall Street opened its doors, Bitcoin experienced a downward slide, retracing from its recent highs of $65,300. Market data from Cointelegraph Markets Pro and TradingView indicates a return to a familiar trading range, stifling bullish sentiment.
Complicating matters further were troubling macroeconomic indicators and lackluster performance from United States spot Bitcoin exchange-traded funds (ETFs), which recorded net outflows exceeding $200 million the preceding day, dampening early-week optimism.
James Seyffart, an ETF analyst at Bloomberg, highlighted the challenging conditions, describing it as a “rough day across the board for the Cointucky derby and the Bitcoin ETFs.”
Against this backdrop, some market observers speculate that Bitcoin’s price may remain stagnant for an extended period. Michaël van de Poppe, founder and CEO of trading firm MNTrading, foresees a continuation of Bitcoin’s sideways movement, suggesting a lack of significant price action in the next 3-6 months.
As Bitcoin’s dominance of the overall crypto market cap hovers around 55% on April 26, down from its recent peak of 57% on April 13, analysts like Rekt Capital anticipate a potential downturn in the next two weeks. Drawing parallels to previous halving events, Rekt Capital emphasizes the “Post-Halving ‘Danger Zone,'” warning of the possibility of further downside volatility in the near term.
