Bitcoin is now down 18% since its high point of $73,737 reached on March 14. It has been trading at $60,000 in late April 17th trade.
Corrections Analysts agree, though, that the market cycle may still be a few days off, despite this halving.
Rekt Capital, a trader and market analyst from April 17, highlighted three phases of the markets around the world. Halfing eventPredicting a shift into a phase of reaccumulation.
The analyst noted that Bitcoin had produced two 18% retracements before the halving of the price in just under a month.
He said that this downward trend is common just before a halving, before comparing the current cycle with previous cycles. The retracement before the halving was 38 percent in 2016, and 19 percent in 2020.
He predicted that after the half-off, the markets would enter a phase of reaccumulation.
In this phase, Bitcoin establishes a low range and moves sideways. It will then go into the halving stage and beyond. The re-accumulation period has traditionally lasted several months.
Bitcoin markets may remain in a range of $50k until October, if the past is any guide.
Many investors are disappointed with the lack of results they have seen in BTC investments in the first few days after the price halving.
Three phases of the Bitcoin Halving
1. Last Pre-Halving Trace
Bitcoin produced two -18% reverses before the Halving within a span of less than a month
BTC retraced by -18% in mid-March before recovering at $70000. Now, BTC is retracing -18% once again.
This… pic.twitter.com/2BKBQXpPOV
— Rekt Capital (@rektcapital) 17 April 2024
Santiment is a leading provider of on-chain analysis. Paint A bleaker image, reporting on 18 April that the social sentient had sunk.
After the Bitcoin price correction, “according to crypto enthusiasts, the bull’s market is essentially over,” Additionally, Bear Markets It noted that prices are rising before adding “Historically, the price movements have been in opposition to mass traders’ expectations.”
Other Crypto Markets
Bitcoin’s price dropped to $60 000 in late Wednesday trading but rose to $62,000 on Thursday morning during Asian trading.
Ethereum has lost $3,000 again, but recovered slightly and is now at $3.027.
Dogecoin and Toncoin suffered the largest losses, followed by Polygon, Toncoin.
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