There is currently a correction going on in the market. This is a typical pre-halving cooling of moods. Bitcoin itself will enter the “danger zone”, but experts remain bullish.
Bitcoin and correction
Today, one bitcoin costs approximately USD 68,500, which means an increase of 3.8% since yesterday and a decrease of 0.37% on a weekly basis. So is the worst behind us?
In 2 days, bitcoin will officially enter the “danger zone” (…), where historic declines before halving begin
– he wrote on X Rekt Capital.
And in fact, in the past, the price of the king of cryptocurrencies dropped in the period from 14 to 28 days before the halving. In 2016, bitcoin fell by 40% during this time, and in 2020 by 20%.
The next halving will take place online on April 20 (of course, this date may change, because everything depends on the pace of block approval. We have seen some declines, but by no means reaching 20%. It is possible that this is the result of the fact that the demand from ETFs saved situation.
The CEOs of Crypto.com and Binance are optimistic about BTC
Binance CEO Richard Teng told a conference in Bangkok that he expects bitcoin to continue breaking records and surpass $80,000 by the end of the year. He added that the boom was “just starting.”
Let's note that it's only March and the cryptocurrency has already exceeded USD 73,000. It appears it could be much higher than just $80,000 by the end of the year.
Meanwhile, Crypto.com co-founder and CEO Kris Marszalek told CNBC on March 15 that the recent decline in bitcoin's price was “healthy.” He expects “steady growth” in the rate and “fewer sudden movements.”
For now, however, bitcoin is still rising in waves, and quite high ones at that. It is followed by ether, which costs USD 3,622 today and has increased by 3.5% since yesterday. However, on a 7-day scale, investors are still down 5.7%.
