Bitcoin Crypto Prices Continue to Fall, Turns Out This Is the Cause

Fyqieh further explained that Bitcoin (BTC) has witnessed several price corrections, which pushed the coin price below USD 65,000. However, investors should not lose hope, as BTC appears to be following historical price trends ahead of the halving.

So, if history repeats itself, BTC may experience a further price decline before gaining momentum and reaching USD 100,000.

“This downward trend is not unexpected, as BTC is following historical trends ahead of the upcoming halving. Bitcoin is slowly transitioning from the phase

“Pre-Halving Rally” to the “Pre-Halving Retrace” phase which tends to occur 28 to 14 days before the halving event. “This phase resulted in price reductions of 38% and 20% in 2016 and 2020, respectively,” explained Fyqieh.

In his analysis, BTC has strong support near the USD 64,000 mark. Bitcoin price may rebound after touching that level. However, if it fails to test this support and goes below it, then the possibility of BTC reaching USD 60,000 is high.

Although BTC price may experience another price correction, things in the long term look bullish. Specifically, after the Pre-Halving Retrace phase, BTC will enter a re-accumulation phase.

The accumulation phase will probably last for almost five months. Interestingly, in this cycle, this will be the first time that this re-accumulation range can develop around the New All-Time High area.