According to Cointelegraph: The Bitcoin bull market is anticipated to remain intact, even with possible retracements of up to 40%, according to recent Bitcoin price analysis.
Despite the 10% decline in Bitcoin's value over 24 hours, the current Bitcoin bull run is fully intact. The decrease in Bitcoin price to almost $68,000 has been attributed to increased volatility around its 2021 all-time high of $69,000.
According to pseudonymous trader Bags, each previous halving cycle has seen significant price pullbacks of almost 40% before the event, which eventually turned into price discovery phases. "Currently -38% off of $73.5k = $45.5K." Bags tweeted, calculating the potential for downside from Bitcoin’s latest all-time highs.
Despite the influx of funds from U.S. Bitcoin ETFs, which was absent in preceding cycles, Bags emphasised each previous bull market had its own catalysts, which couldn't prevent a drawdown.
Popular trader and analyst Rekt Capital also suggested that Bitcoin is on the verge of transitioning from its 'Pre-Halving Rally' phase into the 'Pre-Halving Retrace' phase, just like during the last halving year in 2020. He also mentioned that Bitcoin is about to enter the riskiest part of its pre-halving phase, the "danger zone", 14-28 days before the halving.
While Bitcoin may reach a low of $45k, analysts believe the bull market will still be preserved. It remains to be seen how this prediction plays out and how the cryptocurrency market will respond to the upcoming halving event.
