Victory

Bitcoin

Rekt

Bitcoin has recently been experiencing turbulence, with its price hovering near monthly lows as the January 20 Wall Street opening approaches. Currently trading at around $40,965, <a href="https://coingape.com/crypto-prices-today-bitcoin-plunges-to-41k-as-sell-the-news-rout-deepens-ether-pepe-extend-decline/">Bitcoin’s</a> fluctuating value creates a sense of unease among traders and investors. This trend mirrors the recent overnight dip where Bitcoin touched a low of $40,600, marking its weakest performance since December 18. 
<h2 id="analyzing-the-downturn">Analyzing the Downturn</h2> 
Experts in the field are scrutinizing this downturn with keen interest. Michaël van de Poppe, the founder and CEO of MN Trading, has suggested that Bitcoin might test lower values before a potential rebound. His projections indicate an interest in accumulating more Bitcoin in the $36,000 to $40,000 price range.&nbsp; 
<img decoding="async" class="aligncenter wp-image-175443" src="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19T190004.759.png" alt="" width="612" height="399" srcset="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19T190004.759.png 989w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19T190004.759-300x196.png 300w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19T190004.759-768x501.png 768w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19T190004.759-150x98.png 150w" sizes="(max-width: 612px) 100vw, 612px"> 
BTC/USD price chart 
Moreover, another analyst, <a rel="nofollow" href="https://twitter.com/rektcapital/status/1748318164037865697">Rekt Capital</a>, suggests that Bitcoin’s current trajectory mirrors historical patterns before block subsidy halvings. This insight aligns with expectations of a retreat in Bitcoin’s value over the coming month, leading up to the halving event in April. 
<h2 id="bitcoin-s-whale-movements">Bitcoin’s Whale Movements</h2> 
The market has also witnessed notable activity from <a href="https://coingape.com/bitcoin-whales-shift-4377-btc-from-kraken-whats-happening/">Bitcoin ‘whales</a>‘ – large volume holders. A significant transfer of 59,000 BTC, initially bought at an average price of $26,000 three to six months ago, was recently observed. This sale resulted in a substantial profit, estimated at around $900 million.&nbsp; 
<img decoding="async" class="aligncenter wp-image-175447" src="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19T190607.738.png" alt="" width="615" height="370" srcset="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19T190607.738.png 1030w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19T190607.738-300x181.png 300w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19T190607.738-768x462.png 768w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-19T190607.738-150x90.png 150w" sizes="(max-width: 615px) 100vw, 615px"> 
BTC/USD Whale movement 
This kind of whale activity often indicates strategic market movements and can substantially impact Bitcoin’s price trajectory. As of today, there has been an increase in the number of addresses holding over 1,000 BTC, reaching a peak since August 2022, with 1,510 such addresses. 
<h2 id="ethereum-also-faces-challenges">Ethereum Also Faces Challenges</h2> 
Simultaneously, <a href="https://coingape.com/price/ethereum/">Ethereum (ETH)</a>, another leading cryptocurrency, is encountering its own set of challenges. Currently valued at $2,466, Ethereum is facing significant resistance levels. The dynamics between Bitcoin and Ethereum remain a focal point for market observers, especially considering Ethereum’s attempt to end an 18-month losing streak against Bitcoin. 
The current state of the cryptocurrency market remains delicate, with BTC&nbsp; and Ethereum at the forefront of investor attention. As the anticipated <a href="https://coingape.com/halving/bitcoin-halving/">Bitcoin halving </a>event draws closer, market participants are poised to observe how these trends unfold. Whether these movements will lead to a substantial correction or a rebound remains a speculation. However, the increased activity from large BTC holders indicates a continued interest and confidence in the market’s potential despite the current volatility. 
Read Also: <a href="https://coingape.com/coinbase-has-70-victory-odds-against-sec-bloomberg-legal-analyst/?utm_source=cgtelegram">Coinbase Has 70% Victory Odds Against SEC – Bloomberg Legal Analyst</a> 
The post <a href="https://coingape.com/bitcoin-prepares-for-potential-pre-halving-correction/">Bitcoin Prepares for Potential Pre-Halving Correction</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Prepares for Potential Pre-Halving Correction

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