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.
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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.
Read also: Solana (Sol) coin pumps 27% in 7 days, as FTX’s big SOL sale plan news disappearing
Bitcoin may crash 50% before Bitcoin halving, Here is the supporting fact!
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