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Bitcoin at a Crossroads Ahead of Halving: Will BTC Drop to $53,600?

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Bitcoin prices are volatile and have recently fallen from a high of over $73,000 in March to current spot levels. Analysts are turning to historical data to gain insight into growing selling pressure and some investors’ concerns about potential near-term losses. This historical analysis is crucial in determining whether we have reached a market high or if this is just a temporary pause before the trend resumes.

Will the depth of this correction depend on this?

In a post on X, an analyst said that the depth of the current correction will largely depend on whether Bitcoin is “parabolic” or not. Whenever an asset registers “parabolic” prices, it means that its valuation has increased dramatically and, at some level, analysts think it is unsustainable.

In this case, prices tend to cool down later, but after key resistance levels and even all-time highs have been broken. If this is the case, then the current cooling could suggest the formation of a potential “first cycle top” at the March 2024 all-time high of $73,800.

However, in another scenario, traders should expect a different deal, assuming that recent price growth has not been unsustainable or parabolic. Assuming this is the case, Bitcoin will likely continue to bleed and revisit established support levels.

The analyst predicts a possible correction to the $53,600 support level in the coming sessions. This decline, continues the analyst, will allow the formation of a “smoother curve like that of 2016-2017”.

The influence of the Bitcoin halving

In addition to this assessment, another analyst is introducing the concept of Bitcoin’s pre-halving cycle. Typically, and looking at historical formations, prices tend to fall before the halving event, which is scheduled for the third week of April.

In a post on

Bitcoin remains under pressure and will likely record even more losses in the coming days. Based on the formation of the daily chart, BTC prices are trending below the average BB. Notably, it is encountering strong rejection from the $71,700 zone.

While the uptrend will persist, buyers will only gain control if prices rise, reversing current losses, ideally with increasing participation levels.

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