Why Did the Bitcoin Price Drop Today? Bulls Gear Up for Recovery Before BTC Halving

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In the crypto markets, every twist and turn in Bitcoin’s path is a headline.

This past weekend, well-known Bitcoin investor Samson Mow shared his thoughts on Bitcoin’s recent dip and what it means, just three days before the much-awaited Bitcoin Halving event.

Market Jitters

Bitcoin, the king of cryptocurrencies, took a sharp 13% tumble from its All-Time High (ATH), now trading around $63,000. Mow wasted no time attributing this drop to tensions in the Middle East. He believes that fears of potential conflict prompted investors to play it safe, not just in traditional financial markets but also in the crypto space where Bitcoin reigns supreme, even on weekends.

Fear of war triggered derisking on the weekend, with the only asset that trades globally on weekends, #Bitcoin. TradFi markets had to have their bit of panic today. All of this is an overreaction and will wash over soon. Then it will be Omega time.

— Samson Mow (@Excellion) April 16, 2024

Overcoming the Halving Hurdle

Mow discusses that the current confusion prevailing in the market is the time of Bitcoin halving as it has already been half of April, and the Halving event is due in 3 days. 

However, despite the uncertainty, Mow regards Bitcoin halving as a major catalyst for a massive supply shock. He encourages investors to track ETF inflows and demand while remaining aware of upcoming developments, such as the launch of Hong Kong ETFs.

Bearish Trends: Pressure Builds

Despite Mow’s optimism, the mood in the market is bearish, with Bitcoin facing strong selling pressure due to factors like the halving and ETF dynamics.

Counting Down to the Halving

With only three days left until the fourth Bitcoin halving, the crypto market is in a whirlwind. Chart analysis shows a pattern indicating a bearish outlook, with a potential 20% drop from Bitcoin’s ATH.

Over the past week, Bitcoin’s price has been bouncing between $62,773 and $66,797. But without strong bullish momentum, doubts linger about a quick rebound, especially as the price struggles to break through $71,287. All eyes are now on a crucial support level at $61,308, with a breach possibly signaling a shift to a bear market.

As the countdown to the Bitcoin Halving ticks on, everyone is watching the charts, eager to see where Bitcoin’s journey will take us next.