March 27, 2024
Bitcoin Faces Pre-Halving Correction as BTC Falls Below $62K
Bitcoin Halving

Bitcoin Faces Pre-Halving Correction as BTC Falls Below $62K

Analysts Predict Significant Increase Following Halving

Bitcoin, the world’s largest cryptocurrency, has experienced a notable correction, dropping nearly 15% from its recent all-time high of $73,738. As the digital asset dips below $62K, experts weigh in on the implications of this downturn and its relation to the upcoming halving event.

Expert Insights

“Everyone who wanted to buy into the halving mostly has,” noted Charles Edwards, founder of Capriole Fund. Edwards emphasized the normalcy of volatility surrounding the Bitcoin halving, suggesting that the 12-month period post-halving presents the best risk-reward opportunity for investors.

Edwards further speculated on the shutdown of inefficient miners post-halving, slated to occur between April 18 and 20. Despite the ongoing correction, he maintains long-term optimism, citing lower supply growth rates and increased demand from traditional finance (Tradfi) as catalysts for future price action.

Diverging Views

While Edwards points to the halving as a primary driver, Ki Young Ju, founder, and CEO of CryptoQuant, attributes Bitcoin’s market dynamics to spot Bitcoin exchange-traded fund (ETF) flows. Ju anticipates mining expenses to double post-halving, pushing miners to maintain profitability thresholds.

Crypto analyst Rekt Capital echoes concerns of a deeper retracement, signaling Bitcoin’s entry into a “danger zone” where historical pre-halving declines have occurred. However, they remain bullish on the long-term uptrend.

Source: Rekt Capital

Historical Context

Reflecting on previous halving events, Bitcoin endured significant retracements before resuming bullish trajectories. The 2020 halving saw a 50% pullback amidst pandemic-induced market turbulence, while the 2016 halving witnessed a 33% decline before entering a sustained bull market.

Unique Landscape of 2024

Unlike previous halvings, 2024 presents uncharted territory. Previous halvings occurred at lower relative price points and lacked the institutional backing now provided by spot Bitcoin ETFs.


As Bitcoin navigates through this correction phase, market participants remain vigilant, anticipating the potential for further volatility while keeping an eye on the long-term trajectory post-halving.

Image by Sketchepedia on Freepik

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