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Bitcoin Halving Predictions 2024: Analyst Warns of 30% Price Correction!

With the Bitcoin halving just 80 days away, traders are advised to prepare for potential post-halving corrections, ranging from 7% to 30% within a month. Despite Bitcoin hovering around $42,000, On-chain metrics signal a buy-the-dip opportunity for savvy traders.

The recent surge finds its roots in the comments of US Fed Chair Jerome Powell on inflation and the market’s anticipation of the halving event. Powell’s decision to abstain from an immediate rate cut has fueled bullish sentiments regarding Bitcoin’s short-term dynamics.

The excitement is at an all-time high! Here’s everything you must know.

Ali Martinez’s Insights

In a recent analysis, Ali Martinez emphasizes key considerations for Bitcoin investors gearing up for the halving. Delving into historical data, he underscores the significance of post-halving corrections, citing examples from the 2016 and 2020 halvings, where substantial price drops of 30% and 7% occurred within a month.

Martinez’s second consideration sheds light on the occurrence of massive post-halving rallies. He highlights the impressive surges in Bitcoin’s price following the 2012, 2016, and 2020 halvings, showcasing increases of 11,000%, 2,850%, and 700%, respectively.

Bull Market Durations

The third focal point zeroes in on the duration of bull markets triggered by previous halving events. Analysts reveal that the bull markets following the 2012, 2016, and 2020 halvings lasted 365 days, 518 days, and 549 days, respectively.

Also Read: Top 3 Altcoins That Could Bring Major Returns Ahead of Bitcoin Halving

Aiming for the Peak

Martinez’s final consideration revolves around the anticipation of the timing of the next market peak. Speculating on historical patterns, he suggests that Bitcoin could soar to a new all-time high of $69,000 by April or October 2025, following previous cycles. Notably, Bitcoin’s prior peak of $69,044 was achieved 18 months after the 2020 halving on November 10, 2021.

Bitcoin is presently trading slightly above $42,000, experiencing a modest 2% drop in the past 24 hours. With trading volume witnessing a 14% surge and the market cap undergoing a 1.90% decline, these indicators become important as the crypto market approaches the halving event.

Read More: Top Reasons Why Bitcoin Price Might Drop To $37K Before Halving

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