Bitcoin Price Falls As Pre-Halving Phase Begins, But Crypto CEO Confident Remains Bullish

Bittime - Bitcoin (BTC) is currently undergoing a consolidation phase, with some analysts expecting it to enter a pre-halving stage. This period, historically characterized by price fluctuations, coincides with the bullish sentiment of leading crypto CEOs.

Possible Pre-Halving Correction

Market observers believe Bitcoin may follow historical patterns observed during previous halving events. This pattern usually involves five phases, and the current price movement could be an early indication of a pre-halving phase.

Historically, Bitcoin prices decline 14 to 28 days before a halving, with drops of 40% and 20% recorded during the 2016 and 2020 halvings, respectively.

The next halving is expected in about 33 days, on April 20. However, Bitcoin has fallen 8.5% from its March 14 peak of $73,835.

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Current Bitcoin Price

As of March 18, 2024, Bitcoin price is experiencing some volatility . There are some differences between the various exchanges, but the price is around $67,500 USD 

Source: Bittime 

Based on the Bittime market today, March 18 2024, the price of BTC was observed to have increased by 1.74 percent in the last 24 hours. Currently the price of BTC to IDR is IDR 1,064,797,127.

Also Read How to Buy Crypto:

Binance CEO Remains Optimistic

Despite the recent downturn, the CEO of Binance, still maintains a positive outlook on Bitcoin's long-term prospects. This sentiment is in line with the broader bullish perspective held by many crypto leaders.

Binance CEO Richard Teng spoke at an event in Bangkok on March 17, expressing optimism that Bitcoin would break records, surpassing $80,000 by the end of the year. He attributed this to institutional investors' significant allocation through new ETFs in the US with a total of $57 billion under management.

Teng stressed that while Bitcoin's path may not be linear, continued declines in supply and demand will amplify its rise.

Meanwhile, Crypto.com Co-founder and CEO, Kris Marszalek, noted Bitcoin's recent price drop as a "healthy move" to reduce accumulated leverage. He highlighted such bull runs in late 2020 and early 2021, with Bitcoin going from under $20,000 to over $60,000 in the space of three months.

Marszalek predicts a gradual increase in price with lower volatility, emphasizing Bitcoin's long-term value proposition compared to short-term fluctuations.

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How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements  of Bitcoin (BTC ) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Buy Bitcoin Before or After the Halving? Here's the Guide!

Mining Bitcoin vs Validating Bitcoin Transactions

What is Bitcoin Halving and How Does It Affect Bitcoin?

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.