A cryptocurrency analyst affiliated with IncomeSharks suggests that Bitcoin's price could dip below $60,000 soon, potentially triggering a sell-off among investors and further declining prices. This anticipated downturn is expected to weed out investors who remain optimistic about Bitcoin's upward trajectory from its current level.

The analyst contends that many investors are still holding onto their positions, hoping for market stability and avoiding further crashes. However, if this support diminishes, it could disillusion holders, paving the way for what IncomeSharks calls a "hate halving" phenomenon.

IncomeSharks made this prediction ahead of an imminent Bitcoin halving event, which occurs approximately every four years. This process reduces the rate of new Bitcoin issuance by half, serving as an anti-deflationary mechanism. Historically, such events have spurred Bitcoin price hikes.

Financial experts closely monitor and speculate on the potential impacts of Bitcoin halving. Many anticipate significant shifts in market behavior and a potential surge in Bitcoin's value. IncomeSharks' forecast aligns with recent trends in the cryptocurrency market.

Another cryptocurrency analyst, Ali Martinez, highlights the critical support level for Bitcoin at around $62,000. If Bitcoin fails to sustain this level, attention may turn to the $51,500 support level. However, breaking above $66,250 could signal a bullish reversal.

Renowned financial commentator Jim Cramer advises against investing in Bitcoin mining companies like Marathon Digital Holdings Inc. Instead, he recommends considering investments in Bitcoin or Ethereum.

As of the latest data from Benzinga Pro, Bitcoin's current trading price is $61,562, with a 24-hour fluctuation of 0.48%. Since the beginning of the year, Bitcoin has appreciated by 39.37%.