Bitcoin halving event set to occur in next few days; what to expect, per historical data
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With only a few days remaining until Bitcoin's fourth halving, the price has dropped significantly, reaching up to 16.65%, according to“It's essential to recognize that before each halving cycle, there's typically a price collapse, a pattern we've highlighted numerous times in the past.
For the second halving, the BTC price fell by 40.36%, reaching $465 before skyrocketing to $19,600. Similarly, before the third BTC halving, the Bitcoin price fell 20.35%, reaching a low of $8,078 before rising to a high of $69,000.In the current cycle, the price reduction thus far stands at 16.
The halving event has historically been a tailwind for prices, though there are doubts about whether a repeat is likely given that Bitcoin already hit all-time highs in mid-March, something it has never done ahead of the event.At the time of writing, BTC was down 5.68% in the last 24 hours to $62,555 as volatility persisted on the crypto markets.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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