As a researcher with several years of experience in the cryptocurrency market, I have witnessed numerous price fluctuations and market cycles. The recent sharp decline in Bitcoin’s price after the fourth halving has caught my attention, and I believe it warrants further analysis.
Over the last several days, the value of Bitcoin (BTC) has noticeably dropped, potentially raising worries among investors who had anticipated a price increase following Bitcoin’s fourth halving event.
Since the Bitcoin halving on April 20, 2021, at 12:09 am UTC, the value of Bitcoin has decreased by approximately 11%.
As a Bitcoin analyst, I’d recapitulate that on the designated halving day, the Bitcoin price hovered approximately around $64,000 based on CoinGecko data. Following the halving event, Bitcoin experienced a brief surge, peaking above $67,000 on April 22. However, since then, there’s been a downward trend in Bitcoin’s price, with it dipping below the $57,000 mark on May 1.
As a crypto investor, I’m observing that at this moment, Bitcoin is being exchanged for approximately $57,362 per coin. However, its value has decreased by around 7% in the last day, and more than 17% over the past 30 days.
Someone might have been taken aback by the significant drop in Bitcoin’s price following the halving, as they may have anticipated a price increase based on past trends during the post-halving period.
Previously discussed is the connection between Bitcoin halvings and subsequent price surges, typically occurring approximately one to eighteen months post-halving. For instance, Bitcoin experienced an astounding increase of around 3,000% within seventeen months following its halving in 2016, reaching a remarkable high of $20,000 by December 2017.
In contrast to previous Bitcoin halving events, the most recent one was preceded by a remarkable bull market. The price soared to a new peak just prior to the halving, a phenomenon without precedent in Bitcoin’s history.
“Mati Greenspan of Quantum Economics noted to CryptoMoon that this most recent Bitcoin halving stands out due to the robust bull market and price fluctuations preceding it. Despite the recent dip, Bitcoin has managed a 35% increase in value since the beginning of the year.”
As a researcher observing the cryptocurrency market, I would acknowledge that Greenspan’s observation holds merit. The recent decrease in Bitcoin’s price is not entirely unexpected given the ongoing decline in the stock market and the broader economic circumstances we are experiencing.
“Considering the expectation of yet another Fed pivot and what’s happening in the stock market, Bitcoin’s current price action is hardly a surprise. We’ll be a lot smarter about that later today, though.”
As a crypto analyst, I’ve observed historical trends suggesting that Bitcoin undergoes a price correction following each halving event. Based on this analysis, I predicted that Bitcoin could potentially decline towards $42,000 in March 2024, following the next halving.
Based on the assessment of Markus Thielen, the CEO and chief analyst at 10x Research, Bitcoin could potentially drop to a price of $52,000 post-halving. His rationale is that the major factor fueling Bitcoin’s recent surge was the substantial investment into Bitcoin exchange-traded funds (ETFs). However, this influx has noticeably decreased over the past month.
Based on the views of certain analysts, such as investment researcher Lyn Alden, there exist numerous factors beyond the Bitcoin halving and US Bitcoin ETFs that could contribute to Bitcoin reaching new peak prices in 2024.
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2024-05-01 14:12