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Bitcoin Prepares for Potential Pre-Halving Correction

Bitcoin braces for pre-halving jitters as price hovers near $40,965 amid whale movements and Ethereum's resistance challenges.
Bitcoin Prepares for Potential Pre-Halving Correction

Bitcoin has recently been experiencing turbulence, with its price hovering near monthly lows as the January 20 Wall Street opening approaches. Currently trading at around $40,965, Bitcoin’s fluctuating value creates a sense of unease among traders and investors. This trend mirrors the recent overnight dip where Bitcoin touched a low of $40,600, marking its weakest performance since December 18.

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Analyzing the Downturn

Experts in the field are scrutinizing this downturn with keen interest. Michaël van de Poppe, the founder and CEO of MN Trading, has suggested that Bitcoin might test lower values before a potential rebound. His projections indicate an interest in accumulating more Bitcoin in the $36,000 to $40,000 price range. 

BTC/USD price chart

Moreover, another analyst, Rekt Capital, suggests that Bitcoin’s current trajectory mirrors historical patterns before block subsidy halvings. This insight aligns with expectations of a retreat in Bitcoin’s value over the coming month, leading up to the halving event in April.

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Bitcoin’s Whale Movements

The market has also witnessed notable activity from Bitcoin ‘whales‘ – large volume holders. A significant transfer of 59,000 BTC, initially bought at an average price of $26,000 three to six months ago, was recently observed. This sale resulted in a substantial profit, estimated at around $900 million. 

BTC/USD Whale movement

This kind of whale activity often indicates strategic market movements and can substantially impact Bitcoin’s price trajectory. As of today, there has been an increase in the number of addresses holding over 1,000 BTC, reaching a peak since August 2022, with 1,510 such addresses.

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Ethereum Also Faces Challenges

Simultaneously, Ethereum (ETH), another leading cryptocurrency, is encountering its own set of challenges. Currently valued at $2,466, Ethereum is facing significant resistance levels. The dynamics between Bitcoin and Ethereum remain a focal point for market observers, especially considering Ethereum’s attempt to end an 18-month losing streak against Bitcoin.

The current state of the cryptocurrency market remains delicate, with BTC  and Ethereum at the forefront of investor attention. As the anticipated Bitcoin halving event draws closer, market participants are poised to observe how these trends unfold. Whether these movements will lead to a substantial correction or a rebound remains a speculation. However, the increased activity from large BTC holders indicates a continued interest and confidence in the market’s potential despite the current volatility.

Read Also: Coinbase Has 70% Victory Odds Against SEC – Bloomberg Legal Analyst

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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