5 months ago
25 ARTICLE AD
While the reason behind the pullback isn’t clear, traders weigh in on how this halving cycle is very similar to the previous one.
A major price correction across the crypto market caused over $783 million in liquidations in the past 24 hours, according to data aggregator Coinglass. Bitcoin (BTC) showed a 4.6% pullback, while Ethereum (ETH) and Solana (SOL) slumped 8.1% and 11.6%, respectively. Meanwhile, the whole crypto market cap shrank by 7.2%.
Despite the bloodbath seen in the market this Friday, there are no apparent causes behind this massive pullback. In a recent video, trader Benjamin Cowen explained that Bitcoin is repeating its movement from the last cycle when BTC met its local top.
“It’s all happening the same way it happened last cycle. The only difference between this cycle compared to last cycle is two things: number one, in this QT rally, Bitcoin put in a new high, whereas, in the last QT rally, it didn’t; the other difference is that the time in the cycle when rate cuts occur, in the last cycle they occurred in the pre-halving year, and in this cycle they are going to occur in the halving year,” Cowen explains.
Therefore, the correction movement seen today is not new in pre-halving periods. The trader Rekt Capital also expressed his views on the similarities between the current Bitcoin cycle and the last one in an X post.
As different as this #BTC cycle has been, it has still experienced a Pre-Halving Retrace
Still experienced a Re-Accumulation phase going into the Halving
Still experienced slowing down in the momentum going into the Halving
History isn’t supposed to repeat
But somehow,…
— Rekt Capital (@rektcapital) April 10, 2024
Moreover, he added that this could be the last “pre-halving bargain-buying opportunity” of the current bull cycle before Bitcoin enters a parabolic movement into price discovery territory.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
