According to data from CoinMarketCap, the world's largest cryptocurrency has dropped from $71,000 to below $66,000.
Bitcoin is currently trading around the $67,600. The decline in Bitcoin’s price has dragged the entire cryptocurrency market into a “bear market”. Other major cryptocurrencies such as Ethereum, Solana, Avalanche, and Arbitrum have also seen declines of 10-30%.
In recent weeks, Bitcoin’s price has experienced significant volatility. Many experts believe that this could be attributed to investor sentiment ahead of the halving as well as global economic uncertainties.
In a recent post on the social media platform X, cryptocurrency analyst Rekt Capital suggested that Bitcoin is entering a ‘danger zone’ ahead of the halving phase. Historically, Bitcoin’s price has undergone sharp corrections in the 14-28 days leading up to the halving event.
Since the beginning of 2024, Bitcoin has been on a continuous upward trend, even surpassing its previous all-time high to reach nearly $73,600.