TL; DR
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Leading up to Bitcoin’s halving in 2016 and 2020, the price of BTC saw a 40-50% price drop from its then recent highs.
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Now a bunch crypto-market-big-brains predict we’ll see something similar happen leading up to this year’s halving (April 20), with a ~30% drop from the recent high of ~$48,000, to ~$34,000.
Full story
Okay, time for our bi-weekly check-in with Bitcoin.
BTC recovered from last week’s low of $38.5k, shooting back up to ~$42k over the past four days.
(That’s a total market value of $70 billion, recovered in one weekend. Not bad!)
That’s the good news…
Now let’s get a little gloom and gloom, by diving into some financial astrology (also known as the technical analysis of chart patterns).
ICYMI: Leading up to Bitcoin’s halving in 2016 and 2020, the price of BTC saw a 40-50% price drop from its then recent highs (see image ☝️).
And now a bunch crypto-market-big-brains predict we’ll see something similar happen leading up to this year’s halving (April 20), with a ~30% drop from the recent high of ~$48,000, to ~$34,000.
Is this a lock?
No not at all.
A lot has changed since 2016/2020, for Bitcoin and the crypto market as a whole. So just because it’s happened twice in the past doesn’t guarantee that the third time will be a charm.
That said, many people base their buying and selling decisions on these patterns – so even if the process feels a bit weird/contrived – they can still predict/move markets.
Now we play the waiting game…