TL;DR
- Bitcoin’s Resilience: Despite a potential 40% price retracement and a current 10% drop, Bitcoin’s long-term bullish trend is expected to continue.
- The Halving Prediction: An anonymous trader predicts a possible low of $45.5k for Bitcoin following the upcoming block reward halving, drawing parallels with historical patterns.
- Market Overview: The global cryptocurrency market cap has seen a 5.85% decline to $2.6 trillion, with Bitcoin’s market cap at $1.34 trillion, nearly half of the total market value.
Bitcoin’s bull market is poised to endure, even if the current price pullback reaches a -40% retracement. Despite a significant downturn, Bitcoin’s long-term bullish trend and historical performance remain unshaken. Recent BTC price analyses suggest a bright outlook for BTC/USD, which holds steady despite a 24-hour drop of 10%.
The consensus among veteran market observers is that Bitcoin continues on its established trajectory toward unprecedented macro peaks. The recent price fluctuations around its 2021 peak of $69,000 have not disrupted the ongoing Bitcoin bull market.
According to data from CoinMarketCap and TradingView, the bull market’s resilience would persist even under a substantial correction from the current price zone of around $68,000. At the time of writing, BTC continues its downward trend, losing nearly %4, trading at $67,655.
The Halving Effect: Bitcoin’s Predicted Price Discovery Post-Dip
Bags, an anonymous trader, highlighted the upcoming block reward halving in a statement released on X on March 15. He noted similarities with past halving events, which typically saw considerable price dips, nearly 40%, before leading to new phases of price discovery.
pre halving pull backs:
1st cycle -38%
2nd cycle -38%
3rd cycle (ignoring covid wick cause outlier) – 38%
currently -38% off of $73.5k = $45.5K pic.twitter.com/DEbYwcIsx7
— Bags (@0xbags) March 15, 2024
He indicated, “A 38% drop from $73.5k equals $45.5k,” estimating the potential low point from Bitcoin’s latest peak. In response to inquiries about the influence of U.S. spot Bitcoin ETF inflows on the market, previously non-existent in earlier cycles. Bags remarked that each bull market had unique drivers, none of which prevented a downturn.
Today, the total value of the global cryptocurrency market experienced a 5.85% decline, dropping to $2.6 trillion. Concurrently, the market’s trading volume saw a significant increase of 43.85%, reaching $197.23 billion. This downturn has affected several cryptocurrencies, including Bitcoin, erasing gains accumulated over recent weeks.
At the moment, the global cryptocurrency market capitalization is valued at $2.72 trillion. This represents a decrease of 144.71% compared to the same period last year and a 4.37% reduction in the past 24 hours. Bitcoin’s market capitalization stands at $1.34 trillion, accounting for 49.28% of the total market cap. In contrast, stablecoins hold a market capitalization of $149 billion, which is 5.47% of the overall cryptocurrency market value.
