Bitcoin’s Pre-Halving Jitters — Historical Trends Spotlight Potential Price Dip Ahead of 2024 Event
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Bitcoin’s Pre-Halving Jitters — Historical Trends Spotlight Potential Price Dip Ahead of 2024 Event
Bitcoin’s Pre-Halving Jitters — Historical Trends Spotlight Potential Price Dip Ahead of 2024 Event
As the Bitcoin network nears its fourth halving event, numerous market watchers and cryptocurrency enthusiasts are curious about whether the price will experience a temporary decline before the halving occurs. Historically, bitcoin’s value has surged six to seven months ahead of halvings, yet there has consistently been a significant decrease before the subsequent increase that follows the reward halving event.
Historical Declines Preceding Bitcoin Halvings Raise Eyebrows for 2024
Throughout history, the increase in bitcoin’s value has typically unfolded within the same year as a halving event, with the uptick being a combination of pre-and post-event movements. On the social media platform Reddit, particularly within the r/bitcoin forum, this topic sparked a lively discussion.
In January, a post addressing this matter attracted nearly 1,000 upvotes, making it a hot topic. “Historically speaking,” one Redditor said. “There is always a dip before the halving. Does this have anything to do with miners? It just seems counterintuitive, because everyone and their mother knows the price goes up after the halving.”
Parsing BTC/USD price movements from 2009 up to Feb. 16, 2024, reveals multiple instances where bitcoin’s value experienced downturns in the three months preceding each Bitcoin halving event. For example, on Aug. 17, 2012, BTC’s price peaked at $13.50 per coin, only to fall to $8 per unit by Aug. 20, 2012, marking a 40.74% decrease in just three days.
The halving that year took place on Nov. 28, and by 2012’s end, BTC was trading at $13.45 per coin. The subsequent halving on July 9, 2016, saw BTC hit $766 per unit on June 16, before falling 13.83% to $660 on the halving date. Yet, by Dec. 31, 2016, bitcoin’s price had climbed to $963 per unit.
The May 11, 2020, halving also followed a significant price drop, this time triggered by the ‘Black Thursday‘ market crash on March 11, 2020. BTC plummeted from $7,944.05 to $4,857.31, with some exchanges recording lows of $3,800. This 24-hour drop, while severe, did not surpass the 2012 decrease, with a 38.85% fall.
Despite the 38% dip, BTC closed 2020 at $29,228 per coin, marking a 302% increase for the year. With the next halving now just around two to three months away, BTC’s value has already surged over 21% year-to-date. The possibility of a pre-halving price drop remains, though the value could also rise following the reward cut. Many in the Reddit community are eagerly awaiting a dip to buy bitcoin at a lower price.
“The dip will happen, then people will think ok, the dip is done, time to load up, then a harder double dip,” wrote one Reddit user.
Some Redditors have even set aside funds to invest should the price dip. As always, speculation mixed with historical trends paints a picture of nuanced value shifts. While past patterns suggest a dip before the halving followed by a rebound, the community’s hopeful stance speaks to a strategic approach to potential market lows. This ongoing cycle highlights the intricate relationship between BTC’s market behavior and the collective investor sentiment.
What do you think about the speculation concerning a possible price dip before the 2024 halving? Share your thoughts and opinions about this subject in the comments section below.
TAGS IN THIS STORY
Bitcoin, Bitcoin (BTC), bitcoin halving, Bitcoin Price, Crypto, Cryptocurrency, Reward Halving
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Jamie Redman
Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 8,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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