Cryptocurrencies. Bitcoin deadlocked until 2024?

Bitcoin price has been in a downward trend since November 2021. In recent days, she has again found herself in a dangerous place in the charts. Some analysts do not exclude that we will have to wait until 2024 for the next effective increase in the value of bitcoin.

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Over the weekend, the price of the most popular cryptocurrency in the world dropped below $40,000 and even dropped to $38,500. At the beginning of the week, it recovered briefly – today it is at the level of 38,000. This means that 40 percent has been found. below the historical peak of November 2021 when Bitcoin was worth $69,000.

Waiting for the halving

Technical analysts note that the important level is around $37,000, and falling below this limit could lead to a “cascading sell-off”. On the other hand, the $41,700 cap is crucial. Exceeding this zone can lead to an attack in the region of $47,000.

However, pessimists fear deepening recessions. They refer to the so far 4-year boom in the cryptocurrency market and the current economic situation in the world.

On average, every 4 years there is a so-called halving. It consists in limiting the supply of new bitcoins and halving the reward of “miners” for mined “coins”. The price of bitcoin tends to “event” just before the halving and peaks about a year after. The last halving occurred in the spring of 2020, and the next one is likely to occur in the first quarter of 2024.

In the previous three cycles, the scenario of sharp falls and rises was correct every time. Bitcoin lost up to 80 percent. during the “cryptocurrency winter” between each halving. By the way, a significant number of smaller cryptocurrencies fell by about 90 percent, and some of them never returned to record prices in subsequent cycles.