Bitcoin Price Prediction – BTC Consolidates at $19,000, Preparing for Lift Off?
Bitcoin is trading bearish during the European session after being rejected below a major resistance level of $19,250. Following the bearish breakout of the symmetrical triangle, Bitcoin continues to trade with a bearish bias.
Whereas a slew of fundamentals weigh on BTC demand, can we expect the BTC/USD pair to rebound? Let's find out.
In a tweet he posted on October 21, Tesla CEO Elon Musk stated his opinion that the global recession wouldn't end until the spring of 2024 in a tweet he posted on October 21. A technical slowdown was declared for the United States once the GDP report for the third quarter came in, and the extent to which things could worsen remains a matter of some contention.
Musk has long predicted that the United States economy would experience a recession, but he now believes that a worldwide downturn is more likely than ever.
When asked on Twitter how long he thought a recession would continue, the world's richest man was evasive but ultimately said it would be longer than a few months.
Elon said:
Just guessing, but probably until spring of ‘24
Moreover, he said further,
“it sure would be nice to have one year without a horrible global event.”
In response to Elon Musk's tweets, the leading cryptocurrency, Bitcoin, fell below $19,000 on the day, indicating that it is still vulnerable to large-scale market fluctuations.
Responses to Musk considered the possibility that Bitcoin's price performance wouldn't experience a noticeable trend change until the cryptocurrency's second halving. The date of May 1, 2024, has been set as the target date for the halving.
The latest updates on Bitcoin mining difficulty are adding selling pressure to the BTC/USD pair. Due to energy issues and current market conditions,
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