On the morning of Friday, April 19, the price of the leading cryptocurrency plummeted to $60,000 amid escalating conflict in the Middle East.
Within a few hours, the asset’s value recovered to $64,000. At the time of writing, bitcoin is trading at $64,800.
The total cryptocurrency market capitalization stands at $2.39 trillion.
Following bitcoin, other digital assets also tumbled, but most have partially recovered. Over the past 24 hours, the price of SOL has increased by 9.9%, and the TON coin has risen by 19.2%.
According to Coinglass, the liquidation volume over the past 24 hours reached $272 million, with $149 million being long positions.
According to the analyst known as Rekt Capital, the price movement of digital gold is currently following the same pattern as in previous cycles before the halving.
“Bitcoin has produced two 18% retraces before the halving within just over a month. […] This decline is typical right before the reward halving. In 2016, the retrace was 38%, and in 2020 it was 19%. This represents the last opportunity for a profitable purchase,” he stated.
The expert added that the first cryptocurrency might enter a “reaccumulation phase” after the block reward is halved. A “parabolic upward trend” will then begin, Rekt Capital believes.
“Historically, this phase lasted just over a year (~385 days), but given the potential accelerated cycle happening right now, this figure could be halved,” the trader noted.
According to CryptoQuant, between April 16 and 17, more than 27,700 BTC worth ~$1.75 billion were sent to accumulation addresses. This marks a new daily record.
The previous peak of 25,500 BTC was recorded on March 23, when the asset’s price hovered around $63,500.
Earlier, Coinify CEO Rikke Staer warned that bitcoin’s price dynamics post-halving would follow the “buy the rumor, sell the news” principle. She anticipates significant asset sales.
Marathon CEO Fred Thiel suggested that the upcoming halving of miners’ rewards is somewhat already factored into the current bull cycle.
Former BitMEX head Arthur Hayes did not rule out that bitcoin could fall before and after the halving.
Back in April, to mark the halving, the ForkLog team held the AllTimeHalf 2024 online forum featuring developers, entrepreneurs, enthusiasts, and visionaries. Recordings are available on the YouTube channel.
We also recommend exploring the event-related research by CoinGecko and Binance.
