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Investors in the crypto space are looking forward to the Bitcoin halving to drive future market growth. However, Benjamin Cowen, a top cryptocurrency expert and trader, Note If BTC price follows the previous pattern, a correction may occur.
Bitcoin halving could have negative impact on price
Cowen highlights a trend where the price of the crypto asset could fall significantly once the Bitcoin halving event begins, which could mean BTC is poised to fall in the coming days. It suggests that there is.
According to Cowen, Bitcoin should continue on the same trajectory it entered the world with. Spot ETF During the halving, BTC may fall into a downward trend. Cryptocurrency experts argue that these patterns usually do not repeat exactly. But he believes it's important to get the idea out there in case something similar happens again.
In response, a pseudonymous user commented on Cowen's post, reminding the expert that he forgot to back up his arrows. In response to users, Cowen said that he believes the outcome of the next phase will depend on whether the ALT/BTC pair collapses by then.
Furthermore, he upward Unless it's broken. On the other hand, if they break down, the pattern can transition into something new.
It is worth noting that the Bitcoin halving event is predicted to take place within the next 11 days. Given that Bitcoin has had a huge impact on the price, it has halved. BTC Significant price increases are expected in the coming days. However, if Cowen's recent predictions come true, a different picture could be painted for crypto assets during a halving event.
This expert's prediction has caused a great deal of excitement in the crypto community, with analysts like Peter Brandt also supporting his insights.peter brandt Admitted Cowen's prediction points to similar fundamental trends in previous Bitcoin bull markets.
What you can expect during the halving event
As the halving event approaches, crypto data analysis platform Kaiko laid out Perspectives to pay attention to. Kaiko's perspective delves into the impact that halvings have had on BTC prices in the short term over the years.
According to the platform, in the past, short-term price effects have been Bitcoin halvingis contradictory. Nevertheless, historical data shows that the coin tends to rise 9-12 months after a halving, making for an overall bullish development.
At the time of writing, the price of Bitcoin has increased by 8% in the past seven days to the equivalent of $70,770. However, while the overall market capitalization has fallen by more than 2%, trading volume in the past day has increased by more than 8%.
Featured image from iStock, chart from Tradingview.com
