Investors in the cryptocurrency world are eagerly awaiting Bitcoin’s halving to fuel future market growth. However, top cryptocurrency expert and trader Benjamin Cowen warnings that if the price of BTC follows a previous pattern, a correction may occur.
Bitcoin halving could negatively impact its price
Cowen has highlighted a trend that could potentially lead to a significant drop in the price of crypto assets when Bitcoin’s halving begins, suggesting that BTC could be primed for a decline in the coming days.
According to Cowen, should Bitcoin continue on the same trajectory as when it entered the market? spot ETF During the halving, BTC may witness a downtrend. The crypto expert claims that these patterns usually do not repeat themselves exactly. However, he believes it is crucial to get the idea out there, in case it happens again in a similar way.
In response, a pseudonymous user commented on Cowen’s post, reminding the expert that he had forgotten the arrow backup. In response to the user, Cowen stated that he believes the outcome of the next phase will depend on whether or not the ALT/BTC pairs have collapsed by then.
Moreover, he confirms that there could be a step in the right direction upside down if they are not broken. In the event that they are broken, the pattern can transition to something new in the meantime.
It is worth noting that the Bitcoin halving is expected to take place within the next 11 days. Given the previous significant impact of Bitcoin’s halving on the price, BTC could be positioned for a notable price increase in the coming days. However, if Cowen’s recent prediction materializes, it could paint a different picture for the cryptocurrency during the halving.
The expert’s prediction has caused quite a stir in the crypto community, with analysts like Peter Brandt supporting his insights. Peter Brandt recognized Cowen’s projections indicate that previous Bitcoin bull markets have shown a similar fundamental trend.
What to expect during the halving event
As the halving approaches, cryptocurrency data analytics platform Kaiko has done just that constructed a perspective to pay attention to. Kaiko’s perspective dives into the short-term impact that halving has had on the price of BTC over the years.
According to the platform, in the past the short-term price effect was Bitcoin halvings has been inconsistent. Nevertheless, historical data shows that the coin tends to rise 9-12 months after the halving, making it an overall bullish development.
At the time of writing, Bitcoin’s price was up 8% over the past seven days, worth $70,770. However, the total market capitalization has fallen by more than 2%, while trading volume has increased by more than 8% in the past day.
Featured image from iStock, chart from Tradingview.com
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