Just a few days before the much-anticipated halving event, the cryptocurrency market is presently going through a dramatic drop that has taken many market players by surprise.
Henrik Zeberg, a well-known macroeconomist and trader, is certain that Bitcoin is genuinely ready for “more upside.”
A disastrous price crash
The biggest cryptocurrency in the world, Bitcoin, saw its price plummet to $65,086 on the Bitstamp platform earlier today.
It has pared some losses and is currently trading just above the $67,000 mark at the time of publication.
With a more than 10% decline in value over the last day, Ethereum (ETH) is doing even worse than the biggest cryptocurrency.
According to CoinGlass statistics, almost $735 million worth of cryptocurrency has been liquidated in the last 24 hours, with long positions responsible for almost all of this wipeout ($668 billion).
Due to increased geopolitical uncertainties, cryptocurrencies fell alongside US markets earlier today, but gold witnessed a small rise earlier in the day.
As a result of the dramatic altcoin downturn, Bitcoin’s market share has surged to about 56%, marking the apex of the current market cycle.
The halving impact
The biggest cryptocurrency fall occurs only a few days before the anticipated April 21 halving event.
According to U.Today, a number of experts—among them Arthur Hayes, co-founder of Bitmex—are certain that the cryptocurrency will see a drop in value around the highly anticipated event.
Zeberg, however, is still upbeat because of the bull flag formation that is visible on the four-hour chart of Bitcoin.
