Bitcoin‘s price in the cryptocurrency market has caused worry recently, as it dropped by 16.65% within a short time. This happened just before Bitcoin’s upcoming fourth halving event. The decrease has sparked curiosity and apprehension among traders. However, upon closer examination by CryptoQuant, this price drop is not unusual but rather a regular occurrence leading up to past bitcoin halvings.
Historical context and current cycle
To fully grasp the present trend of Bitcoin’s price fluctuations, it’s crucial to first examine the historical trends that have emerged prior to each previous Bitcoin halving events. Based on data from CryptoQuant, it appears that substantial price drops precede every halving cycle.
Before every Bitcoin halving event, there is usually a decline in price that occurs, as we’ve mentioned before in various instances. – From OnchainTarek’s perspective
— CryptoQuant.com (@cryptoquant_com) April 16, 2024
Prior to the second Bitcoin halving, its price fell by 40.36%, hitting a low of $465. Afterwards, it soared to a new record high of $19,600. Likewise, before the third halving, there was a decline of 20.35% in Bitcoin’s price, which dropped to $8,078. Subsequently, it reached an astonishing height of $69,000.
In relation to the ongoing Bitcoin halving event, the latest 16.65% price drop falls in line with historical trends of market fluctuations prior to a halving. This pattern, which can differ in magnitude, has been consistent throughout every previous halving cycle. As per CryptoQuant’s analysis, there is no reason for excessive concern or anxiety.
Path to current cycle’s peak
Despite Bitcoin and the crypto market experiencing a recent drop in prices, CryptoQuant maintains positivity about their future growth. The route to the current market cycle’s peak is still accessible, and according to CryptoQuant, we are only just starting this journey. This viewpoint emphasizes the significance of adopting a long-term investment approach and staying informed and patient during price changes.
In simple terms, although Bitcoin’s 16.65% price drop may have raised worries and doubts among crypto investors, past experience and analysis indicate that this is a regular occurrence before the halving event. Adopting a knowledgeable perspective and remaining calm under pressure can help investors make informed decisions and weather market fluctuations effectively.
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2024-04-16 16:00