Bicoin Market Analysis & Price Prediction || 17 March, 2024 || Steem Alliance

Assalamu Alaikum friends,
Starting today's blog by wishing everyone Ramadan Mubarak. Hope everyone is well. Many people may feel a little bad, but it doesn't matter. I will discuss that in today's blog. Currently, I will do market analysis and price prediction of Bitcoin in this blog. So let's get started without delay:-

Bitcoin prices have suddenly started dropping over the past two days. As a result, the price of Bitcoin has dropped from about 73 thousand dollars to 65 thousand dollars. This descent is a very normal procedure. Because, when the market just keeps pumping and pumping, the lower resistance level creates a lot of liquidity levels. This liquidity level often comes at a market dump for cover. And this whole process is a normal thing.

It is unusual for a market correction not to dump. Because, when the market pumps and pumps without any kind of correction, there is nothing to call its resistance level. As a result, when there is bad news in the market, it causes a big dump in the market. Due to the lack of resistance levels, this dump looks ominous for the crypto market. So market correction comes to ignore such bad situation and after market correction starts pumping again.

As we can see in the chart below, Bitcoin has broken its rising edge pattern on the 4 hour candle. Due to which it created a dump in the market.

^{ScreenShots From TradingView}

Again in the bitcoin liquidity heatmap we can see that there is a large amount of liquidity in the 1 month chart at 50 thousand dollars. And the market is dumping this liquidity to complete it. Now let's see where the market position is.

^{ScreenShots From CoinGlass}

My Price Prediction:- I am predicting as my personal opinion that the current price of Bitcoin is $66,400. And in the range of 64K - 68K, Bitcoin will be seen for the next few days and then a short dump may be seen again.

^{ScreenShots From CoinGlass}

Note:- This blog is not made for any investment purpose. So according to my analysis no one should invest. I am not encouraging anyone to invest in crypto. Do your own research before investing.