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Bitcoin's retracement before the halving seemingly comes to an end

A total of 52,000 BTC was amassed on Sunday alone. BTC prices have bounced back, reclaiming $71,000 in late trading on March 25th

Shashank Bhardwaj
By Shashank Bhardwaj
Published: Mar 26, 2024 05:59:01 PM IST
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Image: Shutterstock

The retraction of Bitcoin before the halving might have already concluded, thanks to one of the most significant accumulation days in recent years, leading to Bitcoin reclaiming the $71,000 price threshold.

On March 25, Bitcoin surprised traders with a rebound, attributing it to substantial accumulation by key stakeholders during the weekend.

Bitcoin wallets categorised as 'sharks' and 'whales,' holding between 10 and 10,000 coins, gathered 51,959 BTC, valuing around $71,395 per coin on March 24, totaling approximately $3.4 billion. This accumulation represents 0.263 percent of the entire currently available supply gathered in a single day.

As the Bitcoin halving looms closer, just three weeks away around April 19, these wallets may continue to expand, potentially positively affecting the overall crypto market caps.

Crypto analysts expressed concerns regarding a potential larger retracement before the halving, expecting historical patterns to repeat in line with previous market cycles. However, Bitcoin only experienced a decline of approximately 17 percent from it's all-time high of $73,738 on March 14, dropping to $61,494 on March 20.

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If this recent dip marks the conclusion of the pre-halving retracement, Bitcoin's retracement would nearly match that of the pre-halving retracement in 2020.

Regarding market volatility and the dip observed last week, it is following the close of the U.S. market that selling has intensified. After analysing buy and sell orders, it is clear that liquidity in the crypto market is not only fragmented across exchanges but also across trading pairs.

With the halving approaching in three weeks, the market anticipates continued expansion of wallets, potentially boosting overall crypto market caps. Despite concerns about volatility and market fragmentation, Bitcoin's resilience remains evident, as it trades higher following a brief dip.

As we navigate to the end of the year, it's projected that Bitcoin's price will experience increased volatility alongside a surge in purchasing activity. Amidst the current upward trend, momentum is expected to favour those who hold an optimistic outlook on Bitcoin's future. Bulls are expected to make significant efforts to maintain prices above $85,000, potentially leading to a favourable year-end scenario, with prices fluctuating between $87,000 and $89,000. Additionally, certain analysts foresee the possibility of Bitcoin reaching $100,000 by the end of the year, underscoring confidence in its long-term growth prospects.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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