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Analysts are predicting a significant increase in the price of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) following the halving event, despite the world’s largest crypto asset plummeting nearly 15% from its latest all-time high of $73,738 over the last six days.
In a March 19 post to X, Capriole Fund founder Charles Edwards said it’s “normal” to have a lot of volatility in the months on either side of the <a href="https://cointelegraph.com/learn/bitcoin-halving-how-does-the-halving-cycle-work-and-why-does-it-matter">Bitcoin halving</a>, speculating that the 12-month period following the event would be the best “risk-reward” timeframe for investors. 
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 Source: <a href="https://twitter.com/caprioleio" target="_blank" rel="noopener nofollow">Charles Edwards</a>
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Edwards posited there would be a shutdown of inefficient miners in the wake of the Bitcoin halving event — which is <a href="https://cointelegraph.com/news/bitcoin-halving-not-priced-in-full-extent">slated to occur sometime</a> between April 18 and 20. 
Bitcoin briefly fell to $61,593 on March 20 and is currently trading at $62,690, per CoinGecko <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">data</a>. 
Edwards said that while the correction doesn’t appear to be over yet, he remains optimistic for price action in the long term. 
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 “The realities of a much lower supply growth rate + unlocked pent-up Tradfi demand will then kick in and launch 12 months of historically the best risk-reward period for Bitcoin.”
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While Edwards looked to the halving as a primary catalyst for Bitcoin’s price action, CryptoQuant founder and CEO Ki Young Ju <a href="https://twitter.com/ki_young_ju/status/1770074028134580527" target="_blank" rel="noopener nofollow">claimed</a> that the Bitcoin market is being fueled by spot Bitcoin exchange-traded fund (ETF) flows and not by the halving event. 
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 Source: <a href="https://twitter.com/ki_young_ju/status/1770074028134580527" target="_blank" rel="noopener nofollow">Ki Young Ju</a>
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“After the halving, mining expenses will double, pushing miners to keep certain prices for mining profitability,” Ju said. 
“Direct cost per coin will rise to approx $37K, but at $63K, it’s no longer a problem for them,” he added. 
Crypto analyst Rekt Capital&nbsp;<a href="https://twitter.com/rektcapital/status/1770038844684910949" target="_blank" rel="noopener nofollow">informed</a> their 430,000 followers on X that they were convinced that there was more room for Bitcoin to fall lower.
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 “Bitcoin will retrace deep enough to convince you that the Bull Market is over. And then it will resume its uptrend.” 
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The analyst has <a href="https://twitter.com/rektcapital/status/1770241204485030390" target="_blank" rel="noopener nofollow">highlighted</a> that BTC has already entered a “danger zone” where historical pre-halving retraces have begun.
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 Source: <a href="https://twitter.com/rektcapital/status/1770241204485030390" target="_blank" rel="noopener nofollow">Rekt Capital</a>
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Related: <a href="https://cointelegraph.com/news/bitcoin-halving-institutional-investors-crypto-adoption">Will the Bitcoin halving bring more institutional investors into crypto?</a>
The price of Bitcoin pulled back roughly 50% in the months before the 2020 halving, but the declines were exacerbated by the COVID-19 pandemic in March. 
However, it spent the rest of that halving year consolidating around $10,000 before the bull market resumed in 2021. 
Looking back further, Bitcoin prices retreated 33% around the time of 2016 halving before making gains at the end of the year and surging into a bull market in 2017, where it peaked at $20,000.
However, 2024 is largely uncharted territory for <a href="https://cointelegraph.com/news/bitcoin-halving-not-priced-in-full-extent">halvings</a>, which previously occurred well below BTC’s relative peak price and did not have the significant institutional backing provided by spot Bitcoin ETFs.
Magazine: <a href="https://cointelegraph.com/magazine/ether-etfs-senate-opposition-wright-not-satoshi-dencun-goes-live-hodlers-digest-march-10-16/">Ether ETFs face Senate opposition, Wright is not Satoshi, and Dencun goes live: Hodler’s Digest, March 10–16</a>

Bitcoin pre-halving correction narrative strengthens as BTC falls below $62K

Cointelegraph

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