The world of Bitcoin (BTC) has been on a wild ride lately, with ups and downs that keep us on the edge of our seats. But amidst all the unpredictable twists and turns, one thing remains constant: the buzz and thrill surrounding the highly-anticipated Bitcoin halving event.
Bitcoin’s meteoric rise to $72,715 has sparked a frenzy, but the road to $80,000 may not be smooth sailing. Hidden obstacles lie ahead, threatening to derail the bullish momentum.
Market experts are sounding the alarm, predicting a potential downturn or even a crash if history repeats itself. With the highly-anticipated Bitcoin halving event on the horizon, analysts caution that a correction could be looming if the cryptocurrency follows its past patterns.
Renowned analyst Benjamin Cowen predicts that Bitcoin may experience a familiar cycle as it approaches the highly anticipated halving event. Drawing parallels to the past, he warns of a potential decline in BTC value similar to what occurred during the spot Bitcoin ETF. However, he also anticipates a thrilling rise to a new all-time high for Bitcoin, only to then plummet below the coveted $60,000 mark.
Renowned trader Peter Brandt has weighed in on the matter, revealing that Bitcoin has a track record of exhibiting similar trends during past halving periods. According to him, this ‘consistent pattern’ has been a defining factor in previous Bitcoin booms.
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As the highly anticipated halving event for Bitcoin approaches on April 20, BitMEX co-founder and former CEO Arthur Hayes has a bold prediction: the cryptocurrency will face a heatwave of selling pressure. In his latest blog post, aptly titled “Heatwave,” Hayes delves into the current bullish hype surrounding the halving and warns of a potential price correction.
The future looks bright as data reveals a pattern of epic surges in the cryptocurrency’s value after every four years. And the reason behind this phenomenon? Halving events.
These rare occurrences slash the rate of supply growth by a whopping 50%, leading to a surge in demand and a surge in prices. This time around, the halving event will cut the per-block issuance from 6.25 BTC to 3.125 BTC, setting the stage for an exciting and potentially lucrative journey ahead.