Bitcoin demand is 30 times high over the last Bitcoin halving cycle but still, the price crashes 4.5%

Bitcoin trade price crashes 4.5% to $68k ahead of Bitcoin halving. Analysts raised many factors to ditch the past corrections in the Bitcoin trade price seen around the last Bitcoin halving events.

The current trade price of Bitcoin (BTC) is $60,040 & this trade price is 3.3% down over the last 24 hours. The trade price of this top digital asset faced a correction of nearly 3.4%, from $71,325 to $68,207. 

This sudden correction in the trade price of Bitcoin raised the eyebrows of many top Bitcoin analysts because Bitcoin buy pressure is currently 30 times higher than the same demand in the last pre-Bitcoin halving phase 2020.

According to CryptoQuant, the Bitcoin investment demand from whales holding between 1,000 and 10,000 Bitcoin has grown to “around its highest ever,” seeing 11% growth month-on-month. 

More interestingly, Long-term Bitcoin holders are now buying about seven times more Bitcoin per month than the new Bitcoin entering circulation. 

All these factors are directing fingers toward a next-level pump in the trade price of Bitcoin for the upcoming days but still, analysts believe that the Bitcoin halving’s effect on Bitcoin price action might not be as powerful as it has been in the past. 

In 2016, the trade price of Bitcoin surged 4,200% to $19,800, and after 2020 Bitcoin halving, trade price surged 683% to $69,000. 

Following the same pattern of downfall in the Bitcoin price performance halving by halving, analysts believe the Bitcoin trade price will increase by nearly 110%. 

However no one knows very well what kind of situation will occur in the upcoming weeks, months, & also in the next 12 months, but people are highly optimistic on behalf of the past post-halving patterns.

So analysts suggested not remaining optimistic about the current situation because global economic events usually remain unpredictable & that may ruin the demand & growth of Bitcoin rapidly. 

Read also: BitMex co-founder says Bitcoin will dump just before & after Bitcoin halving