Bitcoin’s Price Drop, Cryptocurrency Market into a “Bear Market”

Bitcoin is currently trading around the $67,600. The decline in Bitcoin’s price has dragged the entire cryptocurrency market into a “bear market”. Other major cryptocurrencies such as Ethereum, Solana, Avalanche, and Arbitrum have also seen declines of 10-30%.

In recent weeks, Bitcoin’s price has experienced significant volatility. Many experts believe that this could be attributed to investor sentiment ahead of the halving as well as global economic uncertainties.

In a recent post on the social media platform X, cryptocurrency analyst Rekt Capital suggested that Bitcoin is entering a ‘danger zone’ ahead of the halving phase. Historically, Bitcoin’s price has undergone sharp corrections in the 14-28 days leading up to the halving event.

#BTC

3 Phases of The Bitcoin Halving

1. Final Pre-Halving Retrace

The Pre-Halving Retrace has already occurred and is in the books

This Pre-Halving Retrace was -18% deep whereas in 2016 it was -38% and in 2020 it was -19% deep

This Pre-Halving Retrace was the final… pic.twitter.com/xNqAL2cWd7

— Rekt Capital (@rektcapital) April 12, 2024

Since the beginning of 2024, Bitcoin has been on a continuous upward trend, even surpassing its previous all-time high to reach nearly $73,600.