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Bitcoin (BTC) and Ethereum (ETH) are getting smashed. Will Bull get run over?

Alex Dovbnya

Is Bitcoin Set for Another Uptrend After a Very Sharp Drop?

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The cryptocurrency market is currently experiencing a sharp correction that surprised many market participants just days before the much-hyped halving.

However, prominent macroeconomist and trader Henrik Zeberg believes that Bitcoin actually has “more upside” ahead.

A catastrophic price drop

Earlier today, the price of Bitcoin, the world's largest cryptocurrency, collapsed to $65,086 on the Bitstamp exchange.

At press time, it is trading slightly above the $67,000 mark after erasing some losses.

Ethereum (ETH) is performing even worse than the largest cryptocurrency, plunging more than 10% in the last 24 hours.

According to data from CoinGlass, about $735 million worth of cryptocurrencies were liquidated in the last 24 hours, with long positions accounting for virtually all of the loss ($668 billion).

Cryptocurrencies fell alongside US stocks amid growing geopolitical risks, while gold staged a brief rebound today.

Due to the heavy altcoin defeat, Bitcoin dominance was able to rise to almost 56%, marking the peak of the current market cycle.

The impact of the halving

The biggest crypto crash comes just days before the upcoming halving, which is expected to take place on April 21st.

As U.Today reports, several experts, including Bitmex co-founder Arthur Hayes, are convinced that the cryptocurrency will see a price drop in connection with the much-hyped event.

Nevertheless, Zeberg remains bullish due to the bull flag formation seen on Bitcoin's four-hour chart.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience reporting on everything related to the emerging industry – from price analysis to blockchain disruption. Alex has written more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He is particularly interested in the regulatory trends around the globe that are shaping the future of digital assets. He can be contacted at [email protected].

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