As the cryptocurrency world eagerly anticipates the upcoming halving of Bitcoin, top expert Benjamin Cowen has raised concerns about a potential correction in the price of BTC. Cowen has pointed out a pattern that suggests a significant decline in the crypto asset’s price once the halving event takes place. According to Cowen, if Bitcoin continues to follow the same trajectory as it did during previous halving events, we may see a trend towards the downside. While Cowen acknowledges that historical patterns do not always repeat exactly, he believes it is essential to be aware of the possibility in case history does indeed repeat itself.
In response to Cowen’s observations, a pseudonymous user commented on his post, pointing out the absence of arrow backup in his analysis. Cowen responded by stating that the outcome of the next phase will depend on whether ALT/BTC pairs have collapsed by then. He suggests that if the pairs have not broken down, there could be a potential move to the upside. However, if they have collapsed, a new pattern may emerge, shifting the market dynamics.
The highly anticipated Bitcoin halving event is expected to take place in the next 11 days, with many speculating on its potential impact on the market. Given the historical significance of Bitcoin halvings in affecting the price of BTC, there is a possibility of a notable price surge in the near future. However, Cowen’s recent prediction of a potential price correction has caused a stir in the crypto community, with renowned analyst Peter Brandt lending support to Cowen’s insights. Brandt highlights the fundamental trend seen in previous Bitcoin bull markets, suggesting a potential correction in the price of BTC.
As the halving event draws closer, the cryptocurrency data analytics platform Kaiko has provided valuable insights into the short-term price effect of Bitcoin halvings over the years. While historical data shows inconsistent short-term price effects immediately following halving events, there is a consistent trend of Bitcoin’s price rising 9-12 months post-halving, indicating a generally bullish development. Currently, Bitcoin’s price has increased by 8% in the past 7 days, reaching a value of $70,770. Although the overall market cap has decreased by over 2%, the trading volume has seen an increase of over 8% in the past day.
As the cryptocurrency market gears up for the Bitcoin halving event, investors are advised to carefully consider the potential market trends and fluctuations that may occur. While historical data and expert insights provide valuable information, it is essential to conduct thorough research and analysis before making any investment decisions. The volatile nature of the cryptocurrency market means that investing carries inherent risks, and individuals should use the information provided on this website at their own discretion and risk.