Key Points
- Bitcoin’s price has seen multiple corrections, pushing it below $65k, but it may still follow a historical trend to a new all-time high.
- Despite the recent price drop, long-term predictions remain bullish, with potential for Bitcoin to reach $100k by the end of 2024.
Bitcoin [BTC] has experienced several price corrections recently, causing the cryptocurrency’s price to fall below $65k. However, investors should not lose hope, as BTC seems to be following a historical price trend leading up to the halving.
If this trend continues, BTC could see further price drops before gaining momentum and potentially reaching $100k.
Recent Price Drops
BTC’s price quickly fell after reaching an all-time high. According to CoinMarketCap, BTC’s price dropped by over 10% in the past week. In the last 24 hours alone, the price fell by over 5%. At the time of writing, BTC was trading at $64,509.53 with a market capitalization of over $1.27 trillion.
Due to this price drop, Bitcoin’s Social Volume and Weighted Sentiment both declined, indicating a dominant bearish sentiment around the coin.
Following Historical Trends
This declining trend was predicted by Rekt Capital, who posted an analysis regarding BTC following a historical trend ahead of its upcoming halving. According to the analysis, Bitcoin first entered the pre-halving rally phase, during which it reached an all-time high.
However, Bitcoin is now transitioning from its “Pre-Halving Rally” phase to its “Pre-Halving Retrace” phase. This phase historically results in a price drop, and if this pattern continues, BTC could potentially drop to $60k.
Despite these short-term predictions, the long-term outlook for BTC remains bullish. After the pre-halving retrace phase, BTC will enter the re-accumulation and parabolic uptrend phases. These phases could potentially push BTC to a new all-time high of $100k by the end of 2024.
