Bitcoin remains under pressure when writing and is within a bearish formation following sharp losses on March 19. While prices tank, one analyst on X thinks this retracement aligns with historical performance, especially as the network prepares to slash miner rewards in April 2024.
Bitcoin Retracement Similar To Pre-Halving Cool-Off Of 2020
Based on the analyst’s assessment, BTC is currently down roughly 18% from its recent swing high. This retracement is at the same level as the ballpark 19% decline observed before the previous halving event in 2020.
It’s worth noting that Bitcoin has historically corrected lower after posting fresh highs before halving. Afterward, the coin rallies to fresh all-time highs following halving, driven by a decrease in supply. In this cycle, BTC soared to a new all-time high of $73,800 in the first two weeks of March before cooling off to spot rate, a deviation from the usual trend.
As the Bitcoin network gears up for the halving eve
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