Analyst Warns of Potential 20% Drop in Bitcoin Price, Targets $34,000 Before Halving

As Bitcoin struggles to maintain its position at $42,500, a long-time technical analyst has argued that BTC could be headed for a subsequent decline, potentially reaching $34,000.

The foundation of this gloomy outlook is based on suggestions from Bitcoin’s historical pattern, particularly those established before halving cycles. In particular, the next Bitcoin halving is expected in just three months.

In a recent post on X, technical analyst “Titan of Crypto” highlighted a recurring pattern in Bitcoin price action related to halving events.

Specifically, the analyst pointed out that Bitcoin was trading at around 50% of its previous all-time highs, to the point of halving in past cycles.

Bitcoin prices in the past Halving

Data from market tracking resources indicated that prior to Bitcoin’s halving in 2012, the cryptocurrency had peaked at $26.90 in November 2011.

However, when the halving occurred on November 28, 2012, the asset had fallen to $12.53, marking a decline of approximately 53.4%.

Amazingly, the 2012 halving set the stage for Bitcoin’s subsequent peak at $1,238 a year later. However, the asset suffered a downturn.

It was priced between $550 and $663 in July 2016, coinciding with another cut in Bitcoin mining rewards. This was essentially another 50% drop in price from the previous $1,200 level.

A similar pattern of 50% reduction was repeated during the latest Bitcoin halving.

Bitcoin halving patterns | Titan of cryptocurrencies

Last chance to buy BTC at a low price

Considering this pattern is true for Bitcoin’s past events, the technical analyst suggested that Bitcoin may be ready for a significant correction. He sees the asset hovering around $34,000 at the time of the next halving. Keep in mind that Bitcoin reached a peak of $69,000 in 2021.

With the next halving scheduled for April, this implies that the leading cryptocurrency could see a 20% drop from its current value of $42,500, aligning with the expected 50% drop historically associated with such events.

Ultimately, Titan of Crypto pointed out that $34,000 may represent the last opportunity for investors to accumulate Bitcoin at such a comparatively lower price.

This implies that the next three months could be crucial for investors looking to increase their Bitcoin holdings ahead of an expected price surge following a halving event.

In contrast, another market expert presented a divergent perspective based on Bitcoin’s historical patterns. This expert argues that Bitcoin could undergo a noteworthy bullish trajectory leading up to the April halving.

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