Investors in the cryptocurrency space are eagerly awaiting the bitcoin halving to drive future market growth. However, top cryptocurrency trader and expert, Benjamin Cowen x.com/intocryptoverse/status/1777401152809619850″ target=”_blank” rel=”nofollow”>precautions that if the btc price follows a previous pattern, there may be a correction.
bitcoin Halving Could Negatively Impact Price
Cowen has highlighted a trend that could lead to a significant drop in the price of the crypto asset when the bitcoin halving event begins, suggesting that btc could be set for a drop in the coming days.
According to Cowen, should bitcoin continue to follow the same trajectory as when it entered the market? Spot ETF During the halving, btc may witness a downward trend. The cryptography expert argues that these patterns do not normally repeat precisely. However, he believes spreading the idea is crucial in case it happens again in a similar way.
In response, a pseudonymous user commented on Cowen's post and reminded the expert that he forgot to backup the arrow. Responding to the user, Cowen stated that he believes the outcome of the next phase will depend on whether or not the ALT/btc pairs have collapsed by then.
Furthermore, he states that there could be a movement in the the other way around if they have not been broken. Meanwhile, in the event that they have been broken, the pattern can transition to something new.
It is worth noting that the bitcoin halving event is expected to take place within the next 11 days. Given bitcoin's previous significant impact on the price, which halved, btc could be positioned for a notable price increase in the coming days. However, if Cowen's recent prediction comes to fruition, it could paint a different picture for the crypto asset during the halving event.
The expert's prediction has caused quite a stir in the crypto community, and analysts like Peter Brandt support his ideas. Peter Brandt x.com/PeterLBrandt/status/1777500059753677110″ target=”_blank” rel=”nofollow”>admitted Cowen's projections note that previous bitcoin bull markets have shown a similar fundamental trend.
What to expect during the halving event
As the halving event approaches, cryptocurrency data analysis platform Kaiko has x.com/KaikoData/status/1775848308654960755″ target=”_blank” rel=”nofollow”>Willing a perspective to take into account. Kaiko's perspective delves into the impact the halving has had on the short-term price of btc over the years.
According to the platform, in the past, the short-term price effect of Halving bitcoins has been inconsistent. However, historical data reveals that the coin tends to rise between 9 and 12 months after the halving, making it a generally bullish development.
At the time of writing, the price of bitcoin had risen 8% in the last 7 days, valued at $70,770. However, its overall market capitalization is down more than 2%, while its trading volume has increased more than 8% in the past day.
Featured image from iStock, chart from Tradingview.com
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