Bitcoin

<p><em><strong>With the 2024 Bitcoin halving drawing near, Bitcoin (BTC) faces challenges to maintain its position above $63,000. Analysts anticipate a further decline in price, referring to it as a “correction.”</strong></em></p><h2 id="header-0">Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On<a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow"> ChikaMoji.lol</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Red-and-White-Modern-Corporate-Sports-YouTube-Outro-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" /></p><p>Crypto analyst <a href="https://twitter.com/CryptoMichNL/status/1771102768725475801?ref_src&#61;twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1771102768725475801%7Ctwgr%5E2ee9006289db7af734d880be7db90891e117eb64%7Ctwcon%5Es1_&amp;ref_url&#61;https%3A%2F%2Fcrypto.news%2Fbitcoin-correction-case-pre-halving-peaking-analysts%2F" rel="noopener noreferrer nofollow">Michael van de Poppe shared on X</a> that the ongoing consolidation in the market is typical of a period just before a halving event. He believes that there’s still an opportunity for Bitcoin to reach a new all-time high before the halving occurs.</p><h3 id="bitcoin-price-drops-ahead-of-halving-analyst-points-to-upcoming-event">Bitcoin Price Drops Ahead of Halving, Analyst Points to Upcoming Event</h3><blockquote>The consolidation on <a href="https://twitter.com/hashtag/Bitcoin?src&#61;hash&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> continues.I don&#39;t think we&#39;ll see much spectacle coming from Bitcoin; if we do, it will need to break $70.3K.Above, there is time for new ATHs, but I suspect we&#39;re still seeing the case of peaking pre-halving.Just like any other cycle. <a href="https://t.co/1N1Z0JW4sj" rel="noopener noreferrer nofollow">pic.twitter.com/1N1Z0JW4sj</a>— Michaël van de Poppe (&#64;CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1771102768725475801?ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">March 22, 2024</a></blockquote><p>Bitcoin has witnessed a 2.6% decline in price over the past week and a 4% drop in the last fortnight. Analyst Michael van de Poppe suggests that this could be attributed to the <a href="https://cryptosheadlines.com/bitcoins-changes-code-controls-as-halving-approaches/" rel="noopener noreferrer nofollow">approaching halving</a> event. He notes that historically, Bitcoin tends to peak before a halving, indicating that the current dip might be part of this cycle. However, he emphasizes that <a href="https://cryptosheadlines.com/bitcoin-surpasses-42000-before-anticipated-sec-decision/" rel="noopener noreferrer nofollow">Bitcoin may not show significant upward movement unless it surpasses</a> the $70,300 mark.</p><p>Halving is an essential event in the <a href="https://cryptosheadlines.com/kucoin-labs-and-oofp-forge-bitcoin-ecosystem-partnership/" rel="noopener noreferrer nofollow">Bitcoin ecosystem</a>, occurring approximately every four years or after 210,000 blocks are mined. During halving, the rewards received by miners for validating transactions are halved, <a href="https://cryptosheadlines.com/germany-leads-bitcoin-nears-official-currency-status/" rel="noopener noreferrer nofollow">leading to a reduction in the rate of new Bitcoin</a> issuance. The next halving event is anticipated to occur in April 2024.</p><h3 id="analyst-predicts-long-term-bull-market-for-bitcoin">Analyst Predicts Long-Term Bull Market for Bitcoin</h3><blockquote>In some way, the price action of <a href="https://twitter.com/hashtag/Bitcoin?src&#61;hash&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is comparable to the 2016-2017 cycle.Peak four weeks before the halving takes place.Consolidation and another correction, after which a slow upward grind happens until acceleration 6 months later. <a href="https://t.co/s68C70W76G" rel="noopener noreferrer nofollow">pic.twitter.com/s68C70W76G</a>— Michaël van de Poppe (&#64;CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1771126172966965350?ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">March 22, 2024</a></blockquote><p>Crypto analyst Michael van de Poppe drew parallels between Bitcoin’s current price action and the 2016–2017 cycle, suggesting that history could repeat itself, leading to a significant upward trend for Bitcoin. He emphasized his belief in a prolonged bull market, indicating that the recent pre-halving hype may pave the way for substantial gains.</p><p><a href="https://cryptosheadlines.com/standard-chartered-predicts-250000-btc-by-next-year/" rel="noopener noreferrer nofollow">Also Read:   Standard Chartered Predicts $250000 BTC by Next Year</a></p><p>As of the latest data from CoinGecko, Bitcoin is trading at $65,537, reflecting a 3.2% increase over the past 24 hours. However, it’s worth noting that Bitcoin has experienced a 2.6% decline over the course of seven days. Despite this short-term drop, the cryptocurrency has shown a notable improvement of 26% over the past 30 days.</p><h2 id="header-1">Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On<a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow"> ChikaMoji.lol</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Red-and-White-Modern-Corporate-Sports-YouTube-Outro-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" /></p><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/03/cryptosheadlines002-13.webp?resize&#61;640%2C467&amp;ssl&#61;1" /></p><p>Bitcoin 30-day price chart | Source: CoinGecko</p><h3 id="analyst-predicts-pre-halving-correction-for-bitcoin">Analyst Predicts Pre-Halving Correction for Bitcoin</h3><p>Pseudonymous analyst Rekt Capital has suggested that this year’s Bitcoin pre-halving correction has already begun. Typically, Bitcoin experiences retracements in the 14–28 days leading up to the halving event.</p><p>Rekt Capital pointed out similarities between this year’s price decline and the pre-halving corrections seen in previous cycles. For instance, there was a 20% pre-halving correction in 2020 and a 40% pullback before the 2016 halving.</p><p>According to <a href="https://twitter.com/rektcapital/status/1771250906635321824?ref_src&#61;twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1771250906635321824%7Ctwgr%5E2ee9006289db7af734d880be7db90891e117eb64%7Ctwcon%5Es1_&amp;ref_url&#61;https%3A%2F%2Fcrypto.news%2Fbitcoin-correction-case-pre-halving-peaking-analysts%2F" rel="noopener noreferrer nofollow">Rekt Capital’s analysis</a>, the current correction phase could last approximately 77 days, although it may be less severe than corrections observed in previous cycles.</p><blockquote><a href="https://twitter.com/hashtag/BTC?src&#61;hash&amp;ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a>The Bitcoin Pre-Halving RetraceBitcoin is officially in the &#34;Danger Zone&#34; (orange) where historical Pre-Halving Retraces have begunHistorically, Bitcoin has performed Pre-Halving Retraces 14-28 days before the HalvingIn 2020, this retrace was -20% deep, occurred 14… <a href="https://t.co/PcWJrqCLRQ" rel="noopener noreferrer nofollow">pic.twitter.com/PcWJrqCLRQ</a>— Rekt Capital (&#64;rektcapital) <a href="https://twitter.com/rektcapital/status/1771250906635321824?ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">March 22, 2024</a></blockquote><p>Despite the current downward trend, Rekt Capital views it as a favorable <a href="https://cryptosheadlines.com/analysts-warning-last-opportunity-to-buy-bitcoin-below-40000/" rel="noopener noreferrer nofollow">opportunity for investors to buy Bitcoin</a> before the upcoming halving event. Historically, such corrections have been followed by bullish trends, suggesting the <a href="https://cryptosheadlines.com/potential-for-dogecoin-doge-price-to-double-in-the-near-future/" rel="noopener noreferrer nofollow">potential for future price</a> appreciation.</p><p><a href="https://cryptosheadlines.com/top-5-fun-coins-to-keep-an-eye-on-this-week/" rel="noopener noreferrer nofollow">Also Read:   Top 5 Fun Coins to Keep an Eye on This Week</a></p><p><em><strong>Important:</strong> Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.</em></p>

Bitcoin Correction Pre-Halving Peak: Analysts

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