Crypto analysts noted that Bitcoin is on the verge of facing a correction by 50% before the Bitcoin halving event.
Bitcoin (BTC), the top-ranked crypto asset by market cap, is currently 66% high year to date (YTD). The current trade price of Bitcoin, as of the time of writing this article, is $28,814.
Currently, the majority of the crypto traders are filling their bags with Bitcoin as the Crypto sector is heading toward 2024.
In the next year, several factors are supporting a bullish pattern for Bitcoin trade price e.g US presidential election which will bring Bitcoin-friendly President in America, Bitcoin halving that will reduce the new Bitcoin supply against solving of each Bitcoin blockchain block, & potential approval of Bitcoin spot ETF applications that will bring huge inflow of money in the Bitcoin market.
Few crypto proponents believe that it is the best time to buy Bitcoin because the current trade price of this top-ranked crypto asset is very low and if it starts pumping then there will be only an option to buy at a high price.
There is also a big crowd waiting for big corrections in the Bitcoin trade price, to purchase Bitcoin at a high discount, to enjoy the Bitcoin rally with more gains.
Recently a popular crypto analyst Benjamin Cowen appeared in an interview with Scott Melker and shared his opinion on the next move of Bitcoin trade price for long-term buyers.
According to Scott, Bitcoin will plunge nearly 50% before Bitcoin halves. This crypto analyst’s prediction is based on Bitcoin’s past pattern before Bitcoin halving events.
This is a bitter reality that Bitcoin saw a correction of nearly 50% before every Bitcoin halving event & obviously, it will act as a very big factor to bring high sell pressure among the Bitcoin traders, before Bitcoin halving.
If Bitcoin follows this pattern perfectly then surely it will be a golden chance for those people who want to collect Bitcoin at a big discounted price.
If we look at the trade price of Bitcoin, post Bitcoin halving, then we can see that Bitcoin showed a parabolic rally. In short, the whole picture of the Bitcoin price pattern is clear & we should remain ready with money to invest in Bitcoin.
Read here this full information on Bitcoin halving to know when it will come & how much it will impact the trade price of Bitcoin in short as well as long term.