The analyst who says Bitcoin still hasn't peaked assures there's no need to worry.
Blockchain
According to a cryptocurrency analyst, the price of Bitcoin has not yet reached the peak of this year’s cycle.
With only a few days left until the halving, which will halve the block rewards and daily newly produced coin supply in Bitcoin, the cryptocurrency has shown a significant decline as it approaches the event.
A CryptoQuant analyst, examining past halving cycles, stated, “Understanding that there is usually a downturn in price before each halving cycle is crucial.”
The analyst pointed out that before the second halving in Bitcoin’s history, the price dropped by 40.36%, and before the third halving, it dropped by 20.35%.
Stating that the price has dropped by 16.65% in this year’s fourth cycle so far, the analyst commented, “There’s no need for alarm because this scenario repeats in every cycle.”
The analyst emphasized that the path to the peak of this cycle is still open, saying, “The correct approach now is to gradually enter the market through predetermined strategic points”.
