Bitcoin halving is due at the end of the month. And around this time, the price of Bitcoin continues to rise. In the last year or the year before, we have seen the price of Bitcoin drop a lot. However, since the beginning of this year, the price of Bitcoin has started to rise. If we only look at this week and see that the price of BTC went on a big rampage. We see this week that the price of Bitcoin has broken all previous records and gone much higher. It has breached the all-time high (ATH) on two separate occasions. While the latest ATH of $70,000 marks a monumental milestone, it comes with a survey that underscores how Bitcoin is exhibiting an "overheated" signal. However, Bitcoin price is currently still trading around $69500.
However, the current market has a lot of "Fear of Missing Out" (FOMO) operating in the market. Because at this stage the price of Bitcoin is very high. So investors should be cautious right now. Investors betting on any currency in the current market conditions would be a complete fool's errand. I think we should be most aware right now and remember that every bitcoin halving is followed by a major correction. That's why investors should be wary of the apparent excitement. That could be a big correction for the top coin. Currently, if we look at the various coins and altcoins, we will see that the prices of all the coins have increased a lot. So this moment should be awaited with caution. A real correction is underway for the currency. Basically every bitcoin halving time or later bitcoin price takes a big correction. Hopefully this time will be no exception and the current situation indicates that.
We occasionally see fluctuations in the price of Bitcoin. Although currently the price of Bitcoin is between $68000 and $69600. The feeling of overheating is more complicated. After December 2023, Bitcoin price started to increase. And when the price of Bitcoin starts to rise, the profitability goes to the maximum level. And as a result, Bitcoin miners also have to pay extra.
Additionally, CryptoQuant highlighted this issue. They present their beautiful views in their analysis. Traders' unrealized profit margin jumped to 57%. The analytics platform notes that when the range is as high as it is. Such issues have historically involved a revision. And this period is considered as correction period because traders are bound to take profit eventually.
For example, if we look closely at past Bitcoin halving periods, we can see that as soon as the price of Bitcoin rises, it takes a large correction. Even when the price of Bitcoin rises, its price subsequently falls by about 40 to 50 percent. So the present time is quite scary. So this time is very important for investors to be cautious. A lot of time greed works at this time. So we should be very careful during this time. Especially now we have seen that the price of Bitcoin has risen to the highest level in history. Bitcoin price hovered around $70,000. Currently it has decreased slightly. So now it is considered that the price of Bitcoin can take a dramatic fall at any moment. If you want to know more details about this then you can read this news.
Posted Using InLeo Alpha
