As a seasoned crypto investor with several years of experience under my belt, I’ve grown accustomed to the volatility and unpredictability of the digital asset market. However, I must admit that the recent price performance of Bitcoin following the halving event has left me feeling somewhat uneasy.
After the Bitcoin halving on April 19, its price behavior has been intriguing. Following a nearly 10% surge that reached $67,020 on April 24, the cryptocurrency has experienced a downturn over the last two days. Consequently, Bitcoin’s value has dropped by 6.49%, dipping below the $63,000 threshold.
It’s unsurprising that disappointing results have sparked interest among investors and market observers. Notably, respected analyst Rekt Capital from X handle has put forth a hypothesis regarding Bitcoin’s recent price drop and potentially sheds light on future trends for the forefront crypto asset.
BTC Potential Price Decline Ahead?
As a cryptocurrency analyst, I’ve observed that Bitcoin entering the Post-Halving “Danger Zone” is a historical pattern where the digital asset experiences corrections after the halving event. In the case of the 2016 occurrence, Bitcoin experienced a decline in price by around 11% within three weeks following the Halving event.
An analyst cautions that Bitcoin might be entering the “perilous stage” of its current bull run based on recent price drops. If historical trends hold true, the cryptocurrency could reach $60,000. Rekt Capital predicts this potential downturn may occur within the next fortnight.
As I pen down these words, Bitcoin is currently trading at roughly $62,672, marking a 2.44% decrease from the previous day’s price. This recent setback highlights Bitcoin’s disappointing performance over the past month, during which it has shed off approximately 11.16% of its market worth.
BTCUSD chart on Tradingview.com
Bitcoin ETFs Record Minor Inflow; Net Outflows Hit $217 Million
As a crypto investor following the market trends closely, I’ve noticed some interesting data from SoSoValue. On April 25, Bitcoin Spot ETFs experienced net withdrawals amounting to approximately $217 million. It’s no surprise that Grayscale’s GBTC led this trend with a significant contribution of around $138 million. Their total outflows are now nearing an impressive figure of $17 billion.
For the first time, Fidelity’s FBTC and Valkyrie’s BRRR funds reportedly saw estimated net withdrawals of approximately $22 million and $20 million respectively on Thursday. Additionally, ARK Invest’s ARKB and Bitwise’s BITB experienced investment losses during that time.
As an analyst, I find it intriguing that out of all Bitcoin Spot Exchange-Traded Funds (ETFs), only Franklin Tempton’s EZBC recorded a net inflow of $1.87 million, while the others saw no net flows. At present, these BTC spot ETFs collectively hold a value of over $128 billion. This significant growth can be attributed to their successful trading debut on January 11.
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2024-04-27 09:58