2024

Bitcoin

April

Rekt

The highly anticipated<a href="https://www.cryptotimes.io/2024/04/15/bitcoin-halving-a-history-of-economics-shift-financial-independence/#:~:text=But%20beyond%20its%20financial%20gains,Bitcoin's%20story%20is%20just%20beginning." data-wpel-link="internal"> Bitcoin halving</a> is just days away, but Bitwise Asset Management warns that the crypto market may be underestimating its long-term impact. Bitwise Asset Management points out that historically, the much-anticipated Bitcoin Halving set for April 20 often ends in disappointment. 
Analysts suggest that the previous halving shows a trend of price decrease in the month following the event. The past three halving events have seen a similar pattern: a price drop immediately after the event, followed by a surge in price the following year. For instance, during the 2012 halving, the asset’s price gained only 9%, but it increased by a staggering 8,839% the next year. 
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 Historically, the Halving Has Been Good for Bitcoin’s Price Long-Term (a Look at the Data) The change in bitcoin’s price in the year following the halving: 2012: 8,839% 2016: 285% 2020: 548% The change in bitcoin’s price in the month following the halving: 2012: 9% 2016: -10%… <a href="https://t.co/aaXSakLfko" target="_blank" data-wpel-link="external">pic.twitter.com/aaXSakLfko</a>— Bitwise (@BitwiseInvest) <a href="https://twitter.com/BitwiseInvest/status/1780256503766688053?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">April 16, 2024</a>
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The 2016 halving followed a comparable sequence. <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener" data-wpel-link="external">Bitcoin’s price </a>fell 10% the month after the event but skyrocketed to $20,000 in 2017. In 2020, Bitcoin surged 6% in the post-halving month before climbing 548% the following year to reach a record high of $69k. 
<a href="https://x.com/rektcapital/status/1780191618789704090" target="_blank" data-wpel-link="external">According</a> to Rekt Capital, the market has currently corrected by 16%, suggesting a potential for further decline amid five significant pullback corrections. Moreover, another analyst, Cold Blooded Shiller, noted that 30% corrections are not uncommon, hinting that Bitcoin could potentially drop to around $51,000 despite these short-term price predictions. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also &nbsp; read<a href="https://www.cryptotimes.io/2024/04/16/bitcoin-users-to-increase-following-fourth-halving/" data-wpel-link="internal">: Bitcoin Users to Increase Following Fourth Halving</a> 
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Crypto Market Underestimates Bitcoin Halving’s Impact: Bitwise

The Crypto Times

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