The halving in 2024 is generating great interest among Bitcoin investors, who are aware of the potential impact on the price of the digital currency. Based on momentum, an analyst looked for BTC market price patterns over the past 80 days of the last three halvings.
It is worth remembering that the halves are also correlated with the formation of market cycles. For example, in previous cycles, Bitcoin’s price experienced a significant increase after the halving.
This is explained by the decrease in the supply of new bitcoins, combined with the growing acceptance and interest in digital currencies, which has often led to phases of significant increases in the market.
What are the price patterns of bitcoin at times before the halving?
Despite the large market appreciation caused by past halvings, Bitcoin prices against the dollar have fallen in recent months.
And this observation was made by analyst Mags on platform X (formerly Twitter), when he asked his readers if they knew such information. For example, he tried to determine what happened to Bitcoin’s price before the halvings of 2016, 2020 and 2024.
“Halfing in just 80 days. Have you ever wondered where Bitcoin was 80 days ago during the previous halvings?”
While looking for patterns, he noticed that Bitcoin’s price depreciated 62% from its all-time high before the 2016 halving, exactly eighty days before the event. When we observe the same period in 2020, the decline in the dollar price of Bitcoin was 52% compared to the maximum.
Relative to the current historical high, the decline is 42%, 80 days before the halving, demonstrating a pattern of decline in the two months leading up to the event.
Analyst Mags concluded that while Bitcoin’s price is not moving much, it is in a pre-halving pattern that could be very important for reading the market.
Finally, he even noticed that Bitcoin’s price broke its historical high in the years leading up to this event. In other words, if this pattern occurs again, Bitcoin’s price could rise above $69,000 in 2024.
#Bitcoin Halving in just 80 days 🤔
Have you ever wondered where Bitcoin was 80 days earlier during the previous halving?
– In 2016, BTC was -62% below its ATH
– In 2020, BTC was -52% below its ATH
– In 2024, BTC is currently -42% below its ATHSo even if it seems like the price of Bitcoin… pic.twitter.com/d7zYuZPLwP
— Mags (@thescalpingpro) January 23, 2024
It is important to note that the dynamics of the cryptocurrency market are complex and influenced by a number of factors. Halvings are important events, but do not automatically guarantee a price increase.
Other developments in the crypto ecosystem, regulatory changes, macroeconomic events, and market sentiment also play an important role in shaping Bitcoin prices.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
