While Bitcoin and altcoins experienced sharp declines after the tension between Iran and Israel, on the other hand, the countdown has begun for the highly anticipated BTC halving.
While investors were wondering whether the decline in BTC and altcoins would continue and whether there would be a new wave of decline, a comparative analysis came from the CryptoQuant analyst.
At this point, the analyst said that just a few days before the fourth halving of Bitcoin, its price dropped significantly and this drop caused serious fear and anxiety among cryptocurrency investors.
While the selling pressure continues in the market, CryptoQuant analyst said that the recent decline is normal and historically there have been declines before each halving.
Emphasizing that the last drop is a pattern that occurred before previous halvings, the analyst said that in the second halving, the BTC price fell by 40.36% to $ 465, but then jumped to $ 19,600; Similarly, he stated that before the third halving, the price of Bitcoin decreased by 20.35% to $ 8,078, but then increased again and reached its peak of $ 69,000.
“With only a few days left until Bitcoin's fourth halving, there has been a significant decline in price in recent days, with the decline rate reaching a staggering 16.65%.
This decline has caused serious concerns among investors and traders. However, it is important to remember that these events are similar to the pattern we have experienced many times in the past, before each halving cycle. Because in previous cycles, there were significant declines before the halvings.
In the current cycle, the decline so far stands at 16.65%; This is a normal and expected occurrence.
Although the decline rates vary, investors do not need to be anxious as these declines are repeated consistently in every cycle.
At this point, the right approach is to enter the market gradually at predetermined strategic points. “The path to the top of the current cycle is still open and we are still at the beginning of this journey.”
Pre #BitcoinHalving Price Fluctuations
“It's essential to recognize that before each halving cycle, there's typically a price collapse, a pattern we've highlighted numerous times in the past.” – By @OnchainTarek
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— CryptoQuant.com (@cryptoquant_com) April 16, 2024
*This is not investment advice.
