Bitcoin Hits Four-Week Low: Still the Chart Indicates Bull Run-Will BTC Retreat the Market?

• Bitcoin (BTC) is trading in the $27K range.
• BTC’s price will surge over 268% by the end of 2023.

Since breaking above $30,000 earlier this month for the first time since June 2022, Bitcoin (BTC) has lost momentum and reached a nearly four-week low. On Monday, the largest cryptocurrency showed little change after dropping as much as 1.9% to $26,989. Also, the price of Bitcoin fell below $27,000 for the first time since March 28.

At the time of writing, the Bitcoin price had declined more than 1.8% in the last 24 hours. Currently, BTC’s spot trading price is $27,433, with a 24-hour trading volume of $16.7 billion. It has climbed by about 20.81%.

The upheaval brought on by Silicon Valley Bank’s demise last month is one of the key reasons behind the recent bullish outlook on the crypto market. Also, crypto investors believe that the cryptocurrency winter has melted and bitcoin is set to flourish.

Further, consumer bank Standard Chartered predicted on April 24 that the king of cryptocurrency could surge to $100,000 by the end of 2024 by surging over 268% from now. Moreover, the second-largest cryptocurrency, Etherem (ETH), barely changed and traded in the $1,800 price range. In addition, Avalanche (AVAX) rose by about 2%, while other digital assets were largely flat or higher.

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