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- Bitcoin’s price drop following the halving event has investors on edge.
- However, many analysts with a large following on social media prefer to stay calm.
- The largest cryptocurrency by market value has lost nearly 20% of its value in the last three months.
Bitcoin’s recent price drop post-halving has sparked concerns among investors, but many analysts believe this is a normal correction within the market cycle.
“Necessary for the halving cycle”
Renowned crypto analyst Rekt Capital shared on his account that the pullback in Bitcoin’s price is in line with the halving cycle. He acknowledged that the retracement and sideways trend in Bitcoin’s price can be painful, but emphasized that this is exactly what the cycle needs to resynchronize with historical price norms and the traditional halving cycle.
“Fourth correction in a year for Bitcoin”
Another person who remained cool-headed about the downward movements is Real Vision CEO Raoul Pal. Pal believes that the fourth 20% correction movement seen in the last year is quite ordinary. In his post, he maintained his calm demeanor, stating: “This is the 4th 20% correction in BTC in 12 months… a quite ordinary situation.”
Current situation in Bitcoin and altcoins
The cryptocurrency market was officially faced with a bloodbath on the morning of May 1st. The largest cryptocurrency fell to $57,500 as of 11:00. Bitcoin lost more than 9% in the last 24 hours. The fall in BTC price is also accompanied by altcoins. Among the top 10 cryptocurrencies, XRP and ADA, with falls between 4-5%, are holding up stronger compared to their competitors for now. ETH, BNB, SOL, DOGE, and TON, on the other hand, have 24-hour losses around 10%.
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Conclusion
Despite the recent price drop, many analysts believe this is a normal part of the market cycle and necessary for the halving cycle. While the current situation may be concerning for investors, it’s important to conduct thorough research before making any investment decisions.
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