Bitcoin Halving Prediction: Déjà Vu for BTC Price; The Pre-Halving Peak Pattern Strikes Again!

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Coming off from the high of its new all-time high at $73,800, Bitcoin has plunged to $63,600 as we approach this year’s halving. Predictions are flying, and investors have been grappling with them to understand the current price action and what to expect between now and April 19th, when the halving is expected to begin.

Historically, Bitcoin shows a specific pattern around its halving events – a surge in price a few weeks before, followed by a time of consolidation. Michael van de Poppe, the renowned crypto analyst, highlights this trend in his latest analysis. 

He outlined a peak in Bitcoin’s value approximately four to five weeks before the halving, based on the 2016 event. The period following the peak often sees Bitcoin stabilizing, setting the stage for altcoins to gain momentum. But today marks four weeks before this year’s halving, and Bitcoin is in the red and oversold. The Fear and Greed Index is currently on Extreme Fear.

One of the standout features of the analysis is the emphasis on volume bars and the oscillator, likely the Relative Strength Index (RSI), which signal the market’s momentum and the potential for upcoming consolidation or pullback phases. Furthermore, the analysis identifies consolidation and breakout zones from November 2015 to May 2016.

There is rapid selling pressure in the Bitcoin market. $500 million have been liquidated in the past twenty-four hours, and the entire crypto community is freaking out, wondering if the bull run has already died without ever even starting correctly.

Interestingly, Bitcoin’s weekly chart shows a bullish outlook, with bulls still hopeful about the price hitting $80,000 before halving and $100,000 after. On the other hand, experts are saying we should expect a little more correction that might drag Bitcoin’s price down to below $60,000 before it starts going up again.