The 2024 Bitcoin halving is approaching, causing Bitcoin (BTC) to struggle to maintain its value above $63,000. Analysts predict a further drop in price, labeling it as a “correction.” According to crypto expert Michael van de Poppe, the current consolidation phase indicates a pre-halving peak, suggesting that Bitcoin still has the potential to reach a new all-time high.

Bitcoin has seen a 2.6% price decrease in the past week and a 4% drop in the last two weeks, possibly due to the upcoming halving event. The halving process reduces miner rewards by half every four years or after every 210,000 mined blocks. The next halving is expected to occur in April 2024.

Van de Poppe compares Bitcoin’s current price movement to the 2016-2017 cycle, hinting that history might repeat itself with a significant upward trend. Despite the recent dip, Bitcoin is currently trading at $65,537, showing a 3.2% increase in the last 24 hours. This marks a 26% improvement over the past 30 days.

Analyst Rekt Capital suggests that the pre-halving correction for Bitcoin has already begun. These corrections typically happen 14-28 days before the halving event and can last for around 77 days. The current downward trend may present a buying opportunity for investors looking to capitalize on the potential bullish trend post-halving.

With the halving event on the horizon, now might be a good time for investors to consider adding Bitcoin to their portfolio. Keep an eye on the market trends and historical patterns to make informed decisions about your investments in cryptocurrency.

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