Bitcoin Drops to $63,500 as Halving Approaches

Bitcoin has continued to decline over the past 24 hours. However, an analyst suggests that this is a normal occurrence, similar to previous Halving cycles in history.

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Bitcoin is currently trading at $63,500, just days before the upcoming important Halving event. As the fourth Bitcoin Halving approaches, Lady of Crypto, a cryptocurrency market analysis and trading expert, takes a look at the predictions regarding the upcoming bull cycle.

She provided in-depth comments on Bitcoin’s recent price drop as well as this month’s upcoming Halving event. In her view, there have been speculations that Bitcoin will soon break its all-time high and continue to climb.

Is a bullish cycle imminent?

However, there are misconceptions that a bullish cycle could happen soon. Lady of Crypto has disputed these claims, pointing out that there has been widespread disinformation and that the community has been misled, while the current increase is just an indication of normal growth usually rather than a major bull run.

As the halving day approaches, she also noted that Bitcoin and altcoins are both experiencing a significant price drop. However, according to her, it is not the time to panic. Recalling pre-halving drops in 2016 and 2020, when Bitcoin dropped 30% and 20% right before the event, she emphasized that the current drop, 17% for Bitcoin and 29% for altcoins, still within the framework of a typical pre-halving price drop and not an unexpected event.

Bitcoin Chart
Bitcoin Chart

She compared the COVID decline – when Bitcoin fell 58% and altcoins fell 68% – to show that the current decline is no longer too worrying. Lady of Crypto also clarified that the introduction of Bitcoin spot exchange-traded funds (ETFs) was a major factor in Bitcoin soon breaking previous records, emphasizing that crowd participation is still gradually increasing.

Besides, she also pointed out her growing presence on social media platforms, indicating the return of the public to the cryptocurrency market. “New views and subscribers on YouTube as well as new followers on Twitter show a growing interest consistent with this bull cycle,” she said.

Impact of Halving

Bitcoin Halving Clock
Bitcoin Halving Clock

Lady of Crypto commented that the current bull cycle is similar to previous halving cycles, although somewhat more volatile. However, these fluctuations only prove that this could be the biggest price increase ever. She recommends that less experienced investors consider this price drop as a good opportunity to buy into the bullish period. For venture capitalists, holding crypto assets has always been a sound strategy, as seen in the 2020 and 2021 price drops.

Related: Bitcoin Falls to $60,000 Amid Iran-Israel Conflict

Finally, to address investors’ fear and panic, the Lady of Crypto warns that in every bull cycle there is always the possibility of panic-driven sell-offs. While these moments may seem scary and as if the bull run is coming to an end, they are just temporary fluctuations in the long-term growth of the market.

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