Bitcoin crashes to $67k, additional corrections coming: Danger zone of Bitcoin halving

The trade price of Bitcoin crashed by 7% within a couple of hours, as Bitcoin entered the danger zone of pre-Bitcoin halving.

The current trade price of Bitcoin (BTC) is $67,548 and this trade price is 7% down over the last 24 hours, which is a very big correction for the Bitcoin trade price amid the bull run.

On 14 March 2024, A technical analysis of this bull phase of Bitcoin was shared by a Crypto analyst Rekt Capital. Analysis showed that Bitcoin entered the danger zone of the pre-Bitcoin halving phase in which Bitcoin trade price will face correction.

The correction in the trade price of Bitcoin will take place for up to two weeks to four weeks if Bitcoin follows its last Bitcoin halving pattern.
The maximum dump in the trade price of this top market cap asset can be 30%.

Bitcoin spot ETF & outcomes

In Jan of this year, the US Securities regulatory body SEC approved 11 Bitcoin spot ETF applications. All these BTC ETF products are helping to inject huge amounts of money inflow into the Bitcoin market rapidly.

Institutional players are getting ease to invest money in Bitcoin, which can be seen in the surging trade volume of Bitcoin spot ETF.
In a single day, the trade volume of BlackRock’s Bitcoin spot ETF product hits $3.8 billion which is itself a very big figure for any digital asset product.

As per experts opinion, the trade price of Bitcoin will easily hit $120k this year and also the US presidential election will always play an important role in pushing the trade price of Bitcoin to another level, as candidates are supporting Bitcoin as a part of their election campaign.

Read also: El Salvador transfers Bitcoin holdings to “Bitcoin Piggy Bank”