Seeing Bitcoin Movement 60 Days Before Halving, Potential To Rise Or Drop?

Predictions ahead of Bitcoin Halfing (photo: Pixabay)

JAKARTA - In the third week of February 2024, Tokocrypto Trader Fyqieh Fachrur saw that Bitcoin barely lasted above $51,000.

In fact, market participants tend to see the price levels of 50,000 and 48,000 US dollars (Rp779-748 million) as the next potential support area. Moreover, the moments of halling are getting closer to less than 60 days.

According to Fyqieh, the issuance of Bitcoin which is expected to occur between 20-22 April 2024 will attract the attention of investors and traders.

However, according to him, market participants should know that the trend of Bitcoin breaking since its start in 2009 underscores the recurring theme.

"It is true that a significant price drop precedes every halving, opening up opportunities for the next market spike," explained Fyqieh in a statement, quoted Friday, February 23.

For example, in 2012, a dramatic drop in Bitcoin prices by 50.78 percent occurred just months before haloing. However, Bitcoin rose to a new level afterward.

Similar patterns also occurred in 2016 and 2020, with corrections before the haaving of 40.37 percent and a sharp decline of 63.09 percent, followed by a strong post-halving recovery, added Fyqieh.

Despite the potential decline, the importance of rising the price of this halving event cannot be exaggerated. According to him, this bullish momentum period lasted between 365 and 549 days, reflecting the huge impact of halling on market dynamics.

"If the upcoming bullish market reflects past trajectory, expectations could determine the next Bitcoin market peak around April or October 2025," he concluded.