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The exclusive statistics regarding Bitcoin reveal a critical development dealing with its halving cycle. As per the crypto intelligence firm IntoTheBlock, the current $BTC halving cycle has seen a price decline of up to 12% from $63.9K (its halving price). The platform took to social media to offer insights into the respective development.
This chart shows the returns in each halving cycle
— IntoTheBlock (@intotheblock) September 7, 2024
đź”´The current cycle marks a ~12% price decrease from its halving price of $63.9K
🟢Historically, the average time between Bitcoin's halving event and the next peak is around 480 days, which would place it in the summer of 2025. pic.twitter.com/ZTraSvbegk
The 12% Dip in the Current $BTC Halving Cycle Denotes a Potential Consolidation Phase
In the latest X post, IntoTheBlock revealed that the twelve percent price dip plays a significant role in knowing about the cyclical movements of Bitcoin’s price. In addition to this, it also helps understand the market expectations while moving toward the potential upcoming peak. Bitcoin halving has paved the way for a substantial price rise over a long time. Moreover, the decrease in the latest mined Bitcoin supply creates scarcity.
Nonetheless, the immediate reaction of the market to the halving episodes can go unpredicted. In the present cycle, Bitcoin’s price has plunged, leaving it approximately twelve percent below its halving price which was $63.9K. This reflects a phase of consolidation instead of a rapid surge. As IntoTheBlock highlights, Bitcoin on average touches its upcoming peak nearly 480 days following the halving.
The Decrease also Highlights the Market’s Continued Efforts against Uncertainty and Interest Hikes
In line with this historical pattern, the present cycle could witness a peak in 2025’s summer. Nonetheless, it needs to follow the former trend that the former cycles saw. This projection goes in line with the wider market anticipation. In this respect, $BTC’s price normally goes through an extreme spike in the months after a halving. According to IntoTheBlock, the 12% dip in the present cycle could point toward the market’s ongoing endeavors to deal with the uncertainty, inflation concerns, and interest hikes. Even then, the historical trend provides a relatively positive long-term outlook for $BTC holders.