Bitcoin’s price action sets stage for post-halving rally, data suggests

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Bitcoin (BTC) is currently down around 42% from its all-time high (ATH) of around $69,000. However, the current dip could set the stage for a post-halving rally, according to historical data from Glassnode and Bitcoin analysts.

The first Bitcoin halving event happened on November 28, 2012. Almost two months before the event, Bitcoin was down around 62% from its previous ATH of around $29, according to Glassnode’s data. Following the halving, Bitcoin climbed to $185 and reached $1,100 by the end of 2013.

A recent tweet by Mags, @thescalpingpro, a popular Bitcoin trader and analyst, highlighted a comparable trend in Bitcoin’s price movements in the context of the halving events.

#Bitcoin Halving in Just 80 Days 🤔

Ever wondered where Bitcoin was 80 days before in the previous Halvings ?

– In 2016, BTC was -62% below its ATH
– In 2020, BTC was -52% below its ATH
– In 2024, BTC is currently -42% below its ATH

So, even if it seems like Bitcoin's price… pic.twitter.com/d7zYuZPLwP

— Mags (@thescalpingpro) January 23, 2024

With Bitcoin currently experiencing a 42% dip from its ATH, speculation arises as to whether a comparable upswing will follow. Bitcoin’s price could set a new record high by the end of 2025 if it follows its old pattern. Research from CoinGecko shows that, on average, 31 fintech executives predict Bitcoin’s value could reach $87,000 this year.

It’s important to note, however, that while the patterns observed in the past provide a bullish outlook, the volatile and unpredictable nature of the crypto market makes it challenging to predict the precise outcome of each halving.

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