Is Bitcoin Headed For A Crash? Analysts Cite Possible Downtrend
09 Aprile 2024 - 6:00PM
NEWSBTC
Investors in the cryptocurrency space are eagerly awaiting the
halving of Bitcoin in order to fuel future market growth. However,
top cryptocurrency expert and trader Benjamin Cowen cautions that
if the price of BTC follows a previous pattern, there may be a
correction. Bitcoin Halving Could Impact Price Negatively Cowen has
highlighted a trend that could potentially lead to a significant
decline in the crypto asset’s price when the Bitcoin halving event
commences, which suggests that BTC could be poised for a decline in
the coming days. Related Reading: Bitcoin Final Dance: Analyst Eyes
Final Peak Ahead Of Halving According to Cowen, should Bitcoin
continue to follow the same trajectory as it entered the spot ETF
during the halving, BTC may witness a trend toward the downside.
The crypto expert advocates that these patterns typically do not
repeat precisely. However, he believes putting the idea out there
is crucial in case it happens again in a similar manner. In
response, a pseudonymous user commented on Cowen’s post and
reminded the expert that he forgot the arrow backup. Responding to
the user, Cowen stated that he believes the outcome of the next
phase will depend on whether or not ALT/BTC pairs have collapsed by
then. Furthermore, he affirms there could be a move on the upside
if they have not broken down. Meanwhile, in the event that they
have broken down, the pattern can transit to something new. It is
worth noting that the Bitcoin halving event is forecasted to take
place within the next 11 days. Given Bitcoin’s halving previous
significant impact on price, BTC could be positioned for a notable
price surge in the coming days. However, if Cowen’s recent
prediction manifests, it could paint a different picture for the
crypto asset during the halving event. The expert’s prediction has
sent quite a frenzy in the crypto community, with analysts like
Peter Brandt supporting his insights. Peter Brandt acknowledged
Cowen’s projections noting that previous Bitcoin bull markets have
exhibited a similar fundamental trend. What To Expect During The
Halving Event As the halving event approaches, the cryptocurrency
data analytics platform Kaiko has laid out a perspective to watch
out for. Kaiko’s perspective delves into the impact the halving has
had on BTC’s price in the short term over the years. Related
Reading: Crypto Expert Reveals What To Expect For Bitcoin,
Dogecoin, And XRP In 12-16 Months According to the platform, in the
past, the short-term price effect of Bitcoin halvings has been
inconsistent. Nonetheless, historical data reveals that the coin
tends to rise 9-12 months after halving, making it a generally
bullish development. At the time of writing, Bitcoin’s price was up
by 8% in the past 7 days, valued at $70,770. Its overall market cap
is down by over 2%, however, while its trading volume is up by over
8% in the past day. Featured image from iStock, chart from
Tradingview.com
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