The government’s alleged move comes amid the market correction. According to data from CoinGecko, Bitcoin dropped below $65,000 after the news surfaced. At the time of writing, BTC is trading at around $66,000, down almost 4.5% in the last 24 hours.
Although the reason behind this move remains uncertain, crypto market members worry about a deeper correction in the near future.
On the historical front, Bitcoin’s current downward trend is in line with the historical pattern of pre-halving. The Bitcoin halving, the highly anticipated event, is set to happen in less than 20 days. Previous cycles show that Bitcoin entered a sharp decline as the halving approaches.
However, on the bright side, if Bitcoin’s price follows its old patterns, it could set a new all-time high a few months after the halving. The road to new highs could be a rough one, so if you are new to BTC, know that it is a wild asset.
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Author: Nicholas Say
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