"Alaaa that means it's too late for the price of BTC to go up."
The entire cryptocurrency market including Bitcoin (BTC) saw a recovery at the beginning of the year but it slowly began to reverse as the banking crisis deepened.
Through observation, the price of BTC for now may make a bearish movement when it is still hovering below the $27,000 level and will not end until the halving event takes place in April and May 2024.
Contextually, the BTC halving is a significant event as it halves the block reward and the number of the digital asset released into circulation is the trigger for the bullish crypto price.
With BTC halving still a year away, the crypto market including the digital asset is likely to see bearish movements until 2023 and early next year before continuing a drastic rise.
There is no denying that the crypto market climbed high in early 2023, but investors have suffered a number of losses when the positive sentiment began to stall after several United States (US) banks collapsed.
This means that investors are not looking to buy BTC at the moment, therefore the bearish market will continue as sellers continue to dominate the crypto market plus many investors want to buy the digital asset after the price drops to $20,000.
As of this writing, BTC price has plunged by 1.05% to $26,822 in the last 24 hours with a market cap of $519 billion but is still up 1.57% over the past week.
