January is here, and Bitcoin is taking a little tumble, down 10% so far this month, but analysts say this isn’t anything new.
In fact, after Bitcoin’s halving events in the past, it’s common to see drops of 25% to 30% during this month.
Bitcoiners eat daily 10% drop for breakfast
Crypto analyst Axel Bitblaze shared on X that January has historically been a rough ride for Bitcoin after halving events.
“We all remember what happened after the dumps in 2017 and 2021.”
Bitcoin peaked at $102,300 on January 7 but has since dipped below $92,000 before bouncing back slightly to hover around $94,000. In the time of wiring, it’s around $91,000 again.
January, cold and dark?
Back in January 2021, Bitcoin fell over 25%, dropping from more than $40,000 to just above $30,000 by the end of the month. It then shot up 130%, hitting an all-time high of $69,000 by November. Quite a comeback, isn’t it?
And who could forget January 2017? After the halving in 2016, Bitcoin plummeted 30%, going from $1,130 to $784. Yet that year ended with rise of 2,400%, peaking at $20,000 by December.
Now, let’s get back to the present, where YouTuber and analyst Crypto Rover noted that Bitcoin has consistently dipped in the first half of the month for the past year.
“This is just a small dip compared to what we’ve seen before.”
Just hodl!
Stockmoney Lizards chimed in on January 12 with some optimism, and they believe this cycle has plenty of fuel left for the next 12 months.
“Bitcoin has NOT reached the ultimate hype/pump phase.”
With mass adoption on the horizon and pro-crypto governments literally popping up everywhere, some analysts are feeling pretty bullish.
They’re even suggesting that if Bitcoin follows previous cycles’ patterns, we could see prices will go past $200,000 by late 2025!
But if history repeats itself and we see another January-like pullback, prices could dip below $70,000 first.
Have you read it yet? US Bitcoin holdings hit record high, but who owns the most?
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