Bitcoin (BTC) may be on the brink of a pre-halving correction, as historical patterns suggest, despite the cryptocurrency hitting a new all-time high of around $73,700 on March 13.

Potential Pre-Halving Correction for Bitcoin

There are indications of overheating in the market, indicating that Bitcoin’s price could see a significant decline before the upcoming halving in April. The possibility of a correction before the halving is supported by past trends, such as the 20% pre-halving correction in 2020 and the 38% retracement before the 2016 halving, as noted by analyst Rekt Capital.

Rekt Capital points out that Bitcoin has already experienced pullbacks of -18% in January and -14% in early March this year. Therefore, if a pre-halving correction occurs, it may be milder compared to previous cycles.

BTC Price Performance Compared to Previous Halvings

Despite historical trends, the current Bitcoin cycle has shown some differences. For instance, Bitcoin has already hit a new all-time high for the first time before the halving event. Additionally, Bitcoin has not yet reached the growth trajectory seen in previous halving cycles, according to data shared by Ecoinometrics.

Ecoinometrics suggests that if Bitcoin were to follow a similar growth trajectory as in previous cycles, the price could range from $100,000 to $300,000 per coin. This indicates that there is still potential for further upside movement before the halving.

Future Price Predictions for Bitcoin

Wealth management firm Bernstein predicts that Bitcoin could reach $150,000 following the halving by mid-2025. The firm’s analysts, Gautam Chhugani and Mahika Sapra, are confident in this price target due to the increasing demand for spot Bitcoin exchange-traded funds (ETFs).

Bernstein also recommends investing in Bitcoin miners, as they expect a potential price increase before the halving event. While Bernstein’s price target is conservative, ARK Invest’s Cathie Wood has set a long-term Bitcoin price target of over $1 million.

Please note that this article does not provide investment advice. Readers are advised to do their own research and consider all risks before making any investment decisions. For more cryptocurrency news and updates, visit Global Crypto News.

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