$PEPE $BTC

Trading expert projects a major Bitcoin pullback to this level post-halving

Bitcoin (BTC) is currently trading below the $70,000

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mark, with market sentiment teetering on the edge as the maiden cryptocurrency showcases short-term volatility. 

In recent weeks, the $70,000 level has emerged as a critical support in Bitcoin’s quest to reach the coveted $100,000 milestone.

In this line, a crypto trading expert recently suggested that Bitcoin could be lining up for a significant drop in valuation after the halving event to below $60,000, according to pseudonymous analyst TradingShot, in a TradingView post on April 4.  

Based on the one-week timeframe, the analysis suggests that Bitcoin’s trajectory may see a correction towards the 0.382 Fibonacci retracement level. The expert cited historical trends, noting that previous corrections have seen Bitcoin retreat towards the 0.382 Fibonacci retracement level measured from previous lows. 

Per the leading analyst, Bitcoin has registered a channel-up trend since the November 2022 bottom during the FTX collapse period. The market strategist pointed out that each bullish leg that goes to a higher height shows a slightly weaker

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performance.