In simple terms, Bitcoin leads the way, and the upcoming halving is causing both anticipation and apprehension among investors. With just about three days left until Bitcoin’s fourth halving, market conditions have grown volatile, potentially influencing the cryptocurrency’s future value trend.
Deciphering BTC’s Halving Patterns: Insights Into Pre-Event Price Behaviour
Over the last week, the Bitcoin market has seen a downturn. However, an expert from CryptoQuant has pointed out a frequent trend in Bitcoin’s price fluctuations that appears prior to every halving event.
During a halving event, this pattern typically leads to a substantial decrease in price, as seen in past occurrences. For example, the second halving caused Bitcoin’s price to fall 40.36% to $465, only to later reach an all-time high of $19,600.
Before the third reduction by half, the value of the cryptocurrency dropped by 20.35%, hitting a low of $8,078. Later on, it reached a high of $69,000.
Based on the ongoing cryptocurrency halving event, the price has currently dropped by approximately 17% as per the findings from CryptoQuant’s analysis of past trends.
Pre #BitcoinHalving Price Fluctuations
Before every Bitcoin halving event, there’s usually a significant drop in price that occurs. We’ve pointed this out many times before.
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— CryptoQuant.com (@cryptoquant_com) April 16, 2024
According to CryptoQuant’s analysis, even though there’s a decrease happening now, historically speaking, such reductions often occur prior to halving events. Therefore, this trend might not be cause for alarm based on past patterns.
This occurrence, which happens regularly in each cycle, shouldn’t cause undue worry. Instead, it’s advisable to cautiously invest in the market at predetermined entry points. The road to the current cycle’s maximum point is still accessible, and we’re only just starting our climb.
Bitcoin’s price movement aligns with the insights provided in the CryptoQuant report. Over the last week, Bitcoin experienced a noticeable drop, losing more than 10% of its value, and a subsequent decrease of approximately 3.1% in the past day. At present, Bitcoin is valued at $63,098, demonstrating the market’s ongoing instability.
Market Experts Weigh In: Bitcoin Insights And Projections
Industry insiders have different views on Bitcoin’s future direction due to the upcoming halving event. According to Kris Marszalek, CEO of Crypto.com, there might be increased selling prior to the halving because of the common practice of “buying the rumor, selling the news.”
Despite this, Marszalek stays hopeful about the future effects of the halving on Bitcoin’s price trend, believing it could provide significant support in the long run.
In agreement with this perspective, Samson Mow, who heads up a Bitcoin adoption-centric business named Jan3, views the recent market dip as an “exaggerated response.” He anticipates a renewed bullish trend following the upcoming halving event.
Mow points out that the upcoming Bitcoin supply reduction due to the imminent halving could lead to a substantial “shortage” or “supply crunch” in the Bitcoin market. This situation may arise as a result of increased demand for Bitcoin from spot Bitcoin Exchange-Traded Funds (ETFs) and recent regulatory approvals for Bitcoin financial products in Hong Kong.
you understand the significance of the upcoming halving, which will bring about a substantial decrease in supply. You’re monitoring inflows into exchange-traded funds (ETFs) and demand levels. Moreover, you’re keeping an eye on the Hong Kong ETFs that are expected to join the market soon.
You’re the lion accumulating #Bitcoin amidst a herd of sheep.
— Samson Mow (@Excellion) April 16, 2024
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2024-04-17 05:10