Was BTC’s $10K Weekend Crash the Last Correction Before the Next Bitcoin Halving?

The cryptocurrency market saw a massive correction in the past two days, starting with a red Friday and followed by a Saturday massacre.

While the reasons are still debated, even though they seem to be external and not related to the industry itself, the fact is that the total market cap shed over $400 billion at one point.

With the next Bitcoin halving, an event typically regarded as a catalyst for future price increases, just around the corner, the question arises whether this was the last substantial correction before the block production is reduced by another 50%.

Was This Correction Normal?

As reported during the weekend, Bitcoin’s price first tumbled from $71,000 to $65,000 before another leg down drove it south to a multi-week low of around $61,000. The first decline was blamed on the latest US Federal Reserve statements, while the latter was related to the escalating tension in the Middle East and Iran’s retaliation against Israel, in particular.

The reasons are whatever they are, but the fact is that BTC slumped by about ten grand. The altcoins suffered even more, with numerous double-digit losers on a 24- and 48-hour scale. The total crypto market cap plunged by roughly $460 billion since Friday morning to the low on Saturday evening.

History shows that BTC’s price had corrected ahead of previous halvings as well, and some analysts called it “normal.” BitMEX’s founder, Arthur Hayes, also envisioned something similar transpiring.

#BTC is down 16% from the highs.

So far, this is a normal drop. In fact, we’ve had several 20-22% drops this cycle.

BUT

This time it could develop into something more.

Thread　　Disclaimer: Includes third-party opinions. No financial advice. See Risk Warning.