Bitcoin Plunges $59k Further Down, Here’s Why Crypto World Set For Correction Phase
Bitcoin halving is upon people’s mind. Just two days left when BTC miners will see 50% less profit. Thus, crypto exchanges are highly likely to increase the Bitcoin price up to $250k marking the turning point in crypto history.
However, why Bitcoin price keeps plunging even though the supply injection will get half? Some traders are withdrawing their BTC to cold wallets amid fear of abrupt middle eastern conflict erupted last weekend. Nevertheless, most crypto analysts remain steadfast on imminent price correction before the double moon shot that also happened in 2020 halving.
On the other hand, Federal Reserve has refused to decrease interest rates since the ongoing harsh inflation is not slowing down. Therefore, average folks who invest in crypto via credit cards are not jumping any time soon.
Anyhow, good news is that Bitcoin’s $59k price tag becomes fixated support line for new investor’s starting point if they prefer to see profits after halving.
