The crypto market continues to show frustration. Bitcoin (BTC) traded at $ 39,155 down over 2% in the 24 hours this article was written.
Altcoins also did not lag behind in depreciation, except for a few major coins: Solana (SOL), XRP, Dogecoin (DOGE), Shiba Inu (SHIB) and Decentraland (MANA) sustained increases of around over 1% -3% over the same period.
In the latest partnership, Huobi co -founder Du Jun expects the bullish will not happen in the near future, perhaps until late 2024 or early 2025.
Clearly, the surge in Bitcoin price (bullish) is closely related to the halving process that takes place every four years.
The last halving process took place on May 11, 2020, pushing the BTC price up to 702.59%, hitting an all -time record high (ATH), $ 69,039 on November 10, 2021.
This trend reflects the history of the BTC price surge in December 2017 after halving in 2016. At that time, the BTC price touched ATH with a value of $ 19,769.
The two historic moments also saw the price of bitcoin decline after the ATH record, much like the current crypto market.
For now, Bitcoin is already down over 43% from ATH November 2021 and the next halving is expected to occur in 2024.
If this forecast is true, it means we are in a bearish initial phase.
However, do not rely too much on these observations because trends have changed and many factors influence the price of cryptocurrencies, for example: the geopolitical crisis, the emergence of the new COVID-19 epidemic, the impact of global inflation, and worldwide supervisory decisions on digital assets.
Yesterday afternoon, the BTC slipped to its daily lowest level since Feb. 4, $ 39,157. Analysts forecast its price drop to $ 33,000 and will happen sideways for a long period of time.
