The record-breaking Bitcoin price hit approximately $73,835 on March 14, then experienced a decline of more than 8% within a week and 12% over the last 30 days. This drop coincided with the introduction of spot Bitcoin and Ethereum exchange-traded funds in Hong Kong and concerns of rising stagflation in the US.

Forecasting Bitcoin's Future

Bitcoin has broken all-time highs leading up to the halving event, showcasing unique price movements expected to continue until 2024. This has raised questions among market participants regarding whether Bitcoin has reached its peak. Currently, Bitcoin's price sits 17% below its all-time high and has seen a 7% decrease since the halving event on April 20.

An independent investor commenting on the situation attempted to discern whether Bitcoin had reached its market peak by analyzing its historical patterns during halving cycles. Referring to data from Glassnode revealing a profit of $3.52 billion when Bitcoin reached its record high on March 14, the investor speculated on potential price drops to $51,530 or even $42,700 if a market peak is confirmed.

Insights from an Expert Analyst

Despite Bitcoin's recent decline following the halving event, an independent analyst noted that these drops are a common aspect of a typical bull market setup. By comparing the ongoing Bitcoin cycle with previous halving periods, the analyst indicated that the current price behavior resembles past trends, even showing a negative wick below a certain level.

According to the analyst, Bitcoin is currently within a re-accumulation phase that usually occurs before and after a halving event, aiming to stabilize the market post-rapid price surges.

The original post was published on COINTURK NEWS website: Has Bitcoin Reached Its Peak Price?