Will history repeat itself, or will we be headed for a market crash?
Bitcoin is at the forefront as the upcoming halving event sparks excitement and uncertainty among investors. As the countdown to Bitcoin’s fourth halving shortens to approximately three days, market dynamics have taken a turbulent turn, with significant implications for the digital asset’s price trajectory. Deciphering BTC’s Halving Pattern: Insights into Pre-Event Price Action While the Bitcoin market has been on a downtrend over the past week, CryptoQuant analysts recently highlighted a recurring pattern in Bitcoin price dynamics observed before each halving. Related Read: Bitcoin Bears Beware: $3 Billion Short Liquidation At This Price Mark Is Coming, Analyst Warns This pattern is accompanied by significant price declines, a trend seen in previous halving events. For example, during the second halving, the price of Bitcoin fell 40.36%, plummeting to $465 before eventually soaring to an all-time high of $19,600. Likewise, before the third halving, the cryptocurrency declined by 20.35%, reaching a low of $8,078 before reaching a high of $69,000. In the current halving cycle, the price has already decreased by 16.65%, which reflects the historical trend identified by CryptoQuant. #BitcoinHalving Before Price Movement “It is important to recognize that there is usually a price collapse before each halving, a pattern we have highlighted several times in the past.” – Author: @OnchainTarek Read more
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