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The Bitcoin price seemed to be breaking out of its consolidation range early on in the week, rising to as high as $88,500 on Monday, March 24. However, the flagship cryptocurrency appears to be back to ground zero, retracing to around $84,000 on Friday, March 28.

This recent price correction came following the release of inflation data in the United States. With the latest inflation data suggesting delayed rate cuts by the US Federal Reserve, risk assets — including cryptocurrencies — experienced significant downward pressure to close the week.

Here’s How BTC Price Could Fall To $62,000

The story gets a little grim for the world’s largest cryptocurrency after popular crypto analyst Crypto Capo put forward a bearish projection for the Bitcoin price in their latest post on the X platform. According to the crypto trader, the price of BTC could be on its way to a new low in this cycle.

Crypto Capo highlighted in their analysis of the BTC 12-hour chart that the $84,000 – $85,000 is pivotal for the premier cryptocurrency’s future trajectory. The online pundit noted that the Bitcoin price action could go one of two ways over the next few weeks.

In the first scenario, Crypto Capo expects the price of Bitcoin to enjoy a short-lived bullish burst to within the $95,000 – $100,000 range. This initial price run-up would be a bull trap for investors, according to the analyst. For context, a bull trap is a pattern that lures long traders (bulls) into the market by an initial upward surge followed by a quick reversal.

Fittingly, Crypto Capo predicts that Bitcoin will experience a capitulation event that will see its value plummet to the next main support. As seen in the chart below, this next major support lies within the $62,000 – $69,000 bracket, containing the April and November all-time high prices.

Source: @CryptoCapo_ on X

In the alternate scenario, Crypto Capo highlighted how the first bull trap idea could be invalidated. According to the trader, if the Bitcoin price successfully closes beneath the $84,000 – $85,000 range, it could fall to the $62,000 – $69,000 bracket.

Bitcoin Price At A Glance

As of this writing, the price of Bitcoin is moving around the $83,300 level, reflecting a 3% decline in the past 24 hours. This single correction event has wiped out the premier coin’s early-week profit, with CoinGecko data showing no significant gain or loss in the last seven days.

The price of BTC slides beneath $84,000 on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image created by DALL-E, chart from TradingView

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El Salvador’s President Nayib Bukele has hinted at an upcoming visit to US President Donald Trump at the White House. The move has fueled speculation about closer cooperation between the two pro-Bitcoin leaders.

Although no official agenda has been released, if confirmed, the meeting would mark Bukele as the first Western Hemisphere leader to visit Trump at the White House during his current term.

Can Bitcoin Improve Diplomatic Relationship Between US and El Salvador?

On March 28, Bukele reacted to a report claiming that Trump plans to invite him to Washington.

Responding on social media, Bukele confirmed his willingness to visit and jokingly noted that he would bring “several cans of Diet Coke” — a nod to Trump’s well-known beverage of choice.

The two leaders have enjoyed a friendly relationship since Trump’s return to office. They reportedly spoke after the inauguration, and Trump later thanked Bukele publicly, commending his “understanding of this horrible situation” regarding US border issues.

Meanwhile, the possible visit follows El Salvador’s acceptance of deported Venezuelan gang members from the US.

These individuals were held at the country’s high-security Terrorism Confinement Center. The facility was recently visited by US Homeland Secretary Kristi Noem.

President Bukele’s administration has earned international praise — and criticism — for its tough stance on crime. His crackdown on gangs has transformed El Salvador from one of the most violent nations in the world to one of the safest in Latin America.

Meanwhile, speculation is growing within the crypto community that Bitcoin may emerge as a significant topic during the leaders’ discussions. Both Bukele and Trump have openly supported Bitcoin, though their approaches differ slightly.

Bukele’s stance on Bitcoin is notably proactive. In 2021, he spearheaded the creation of the world’s first national Bitcoin reserve, which has since grown to 6,130.18 BTC—worth over $512 million.

Moreover, his pro-Bitcoin initiatives have attracted substantial foreign investments, including partnerships with prominent crypto companies like Tether.

President Trump also recently became more supportive of the top crypto asset, reversing previous skepticism.

Earlier this month, Trump authorized the establishment of a US National Bitcoin Reserve, with the federal government holding initial holdings of around 200,000 BTC.