When Will The Cryptocurrency Market Bounce Back Up?

Paigambar Mohan Raj
A crypto coin being crowned
Image Source: Watcher Guru

The cryptocurrency market has taken a significant beating over the last few days. Bitcoin (BTC) went from over $73k on Mar. 14, 2024, to just over $61k today, falling 5.7% in the last 24 hours and 14.7% over the previous week. However, BTC is still up 18% in the monthly charts and more than 123% since March 2023.

The latest cryptocurrency market correction could be due to higher inflation numbers for February, which may have thwarted plans for an interest rate cut from the Federal Reserve. Moreover, it is also possible that investors are booking profits after holding at a loss for over two years.

Also Read: Cryptocurrency: Top 3 Coins To Watch For March-End 2024

According to CoinGlass data, over $657 million worth of assets faced liquidation in the last 24 hours.

Source: CoinGlass

When will the cryptocurrency market rebound?

bitcoin btc us dollar cryptocurrency usd
Source: Shutterstock / In Green, modified by Blockworks

The crypto market is currently following BTC’s lead. Hence, the market might rebound whenever BTC bounces back.

According to CoinCodex, BTC might reclaim the $73k mark on Apr. 18, 2024. Hitting $73k again will vastly increase BTC’s chances of reclaiming its all-time high. If BTC surpasses its previous peak, we may see another massive rally in the cryptocurrency market.

Source: CoinCodex

Also Read: Cryptocurrency: Top 3 Coins That Could Hit ATH In The Coming Week

Changelly, on the other hand, is more bullish on Bitcoin (BTC). The platform anticipates the original crypto to hit a new all-time high later this month, hitting $74,239 on Mar. 31, 2024. Reaching $74,239 from current levels would translate to a growth of over 20%. If BTC surpasses the $74k level, it would mark a new milestone for the asset and the cryptocurrency market.

Moreover, BTC will also undergo its next halving cycle in April. Many analysts consider halvings bullish as they reduce an asset’s supply. BTC’s halving could trigger another bull run for the crypto market.