---
title: "Bitcoin pre-halving correction narrative strengthens as BTC falls below $62K"
url: https://diffcoin.com/bitcoin-pre-halving-correction-narrative-strengthens-as-btc-falls-below-62k/
description: "Analysts are predicting a significant increase in the price of Bitcoin (BTC) following the halving event, despite the world’s largest crypto asset…"
published: 2024-03-20
updated: 2024-03-20
author: "Mila"
site: "Diffcoin"
---

# Bitcoin pre-halving correction narrative strengthens as BTC falls below $62K

Analysts are predicting a significant increase in the price of Bitcoin (BTC) following the halving event, despite the world’s largest crypto asset plummeting nearly 15% from its latest all-time high of $73,738 over the last six days.

In a March 19 post to X, Capriole Fund founder Charles Edwards said it’s “normal” to have a lot of volatility in the months on either side of the Bitcoin halving, speculating that the 12-month period following the event would be the best “risk-reward” timeframe for investors.

*Source: [Charles Edwards](https://twitter.com/caprioleio)*

Edwards posited there would be a shutdown of inefficient miners in the wake of the Bitcoin halving event — which is slated to occur sometime between April 18-20.

Bitcoin briefly fell to $61,593 on March 20 and is currently trading at $62,690, per CoinGecko data.

Edwards said that while the correction doesn’t appear to be over yet, he remains optimistic for price action in the long term.

> “The realities of a much lower supply growth rate + unlocked pent-up Tradfi demand will then kick in and launch 12 months of historically the best risk-reward period for Bitcoin.”

While Edwards looked to the halving as a primary catalyst for Bitcoin’s price action, CryptoQuant founder and CEO Ki Young Ju [claimed](https://twitter.com/ki_young_ju/status/1770074028134580527) that the Bitcoin market is being fueled by spot Bitcoin ETF flows and not by the halving event.

*Source: [Ki Young Ju](https://twitter.com/ki_young_ju/status/1770074028134580527)*

“After the halving, mining expenses will double, pushing miners to keep certain prices for mining profitability,” Ju said.

“Direct cost per coin will rise to approx $37K, but at $63K, it’s no longer a problem for them,” he added.

Crypto analyst “Rekt Capital” [informed](https://twitter.com/rektcapital/status/1770038844684910949) their 430,000 followers on X that they were convinced that there was more room for Bitcoin to fall lower.

> “Bitcoin will retrace deep enough to convince you that the Bull Market is over. And then it will resume its uptrend.”

The analyst has [highlighted](https://twitter.com/rektcapital/status/1770241204485030390) that BTC has already entered a “danger zone” where historical pre-halving retraces have begun.

*Source:* [*Rektcapital*](https://twitter.com/rektcapital/status/1770241204485030390)

***Related:*** ***Will the Bitcoin halving bring more institutional investors into crypto?***

The price of Bitcoin pulled back roughly 50% in the months before the 2020 halving but the declines were exacerbated by the COVID-19 pandemic in March.

However, it spent the rest of that halving year consolidating around $10,000 before the bull market resumed in 2021.

Looking back further, Bitcoin prices retreated 33% around the time of 2016 halving before making gains at the end of the year and surging into a bull market in 2017 where it peaked at $20,000.

However, 2024 is largely uncharted territory for halvings which previously occurred well below BTC’s relative peak price and did not have the significant institutional backing provided by spot Bitcoin ETFs.

***Magazine: Ether ETFs face Senate opposition, Wright is not Satoshi, and Dencun goes live: Hodler’s Digest, March 10-16***

[Source link](https://cointelegraph.com/news/bitcoin-halving-price-narrative-strengthens-crypto-market-falls)