Recent days have seen a precipitous drop in the price of $BTC , which may have alarmed some investors who had anticipated a price boom following the cryptocurrency's fourth halving.
With the fourth Bitcoin halving happening on April 20 at 12:09 am UTC, the price of Bitcoin has fallen 11%.
Coincident with the halving date, Bitcoin was trading at about $64,000. Near the end of the halving period, on April 22, Bitcoin had a brief upswing that brought its price beyond $67,000. Data from CoinGecko shows that Bitcoin's price has been falling steadily since then, with a low of $57,000 recorded on May 1.
Currently, one Bitcoin can be purchased for $57,362, a decrease of almost 7% from the previous 24 hours and over 17% from the previous 30 days.
If you were hoping that Bitcoin's price would start climbing again soon after the halved, as it has in prior cycles tied to halvings, you might have been stunned by the precipitous fall in price that occurred following the halving.
Previous discussion indicated that Bitcoin halvings typically occur after a year or more of no further price increases. As an example, Bitcoin's value nearly tripled in the seventeen months following its 2016 halving, reaching a new all-time high of $20,000 in December 2017.
When compared to previous cycles, the current one has displayed distinct traits associated with Bitcoin halving. As an example, Bitcoin was in the midst of a remarkable bull run just before the fourth halving, setting a new all-time high in the process. No Bitcoin price chart in history has ever shown such a dramatic increase or decrease.
A number of cryptocurrency experts have already forecasted a decline in Bitcoin value after the fourth halving. Analysts at JPMorgan estimated in March 2024 that following the halving, Bitcoin's price might fall to $42,000.
Researcher Lyn Alden is one of several experts who believe that Bitcoin will reach new heights in 2024 due to factors other than the halving and U.S. Bitcoin ETFs.