Bitcoin in April: Halving Price Fallout, Network Peaks and ETF Updates
In April 2024, Bitcoin faced its sharpest price drop since the FTX collapse, with halving charts in focus, but network activity soared to record highs, driven by new protocols and ETF developments. This report explores and analyzes Bitcoin’s ecosystem and the BTC price developments last month.
Bitcoin (BTC) is a decentralized cryptocurrency created to function as a digital currency and means of payment that operates independently of any single individual, organization, or authority, eliminating the need for third-party intermediaries in financial transactions.
It is allocated to blockchain miners to validate transactions and can be purchased through various exchanges.Unveiled to the public in 2009 by an enigmatic developer or group known as Satoshi Nakamoto, Bitcoin has become the most widely recognized cryptocurrency in the world. Its success has spurred the creation of numerous other cryptocurrencies.
While widely anticipated, Bitcoin’s fourth halving on April 20 followed the historical trend of short-term volatility. Bitcoin fell nearly 21% in April alone, dropping below $60,000 on April 19 as investors cashed out of a robust rally that had previously pushed prices above $72,500 (on April 8). Between April 30 and May 1, the Bitcoin price crashed below $57,000, its lowest level since late February.
Interestingly, past halving events also exhibited similar patterns. According to Glassnode data, while the first halving saw an immediate 11% gain, the subsequent two halving events saw price stagnation after two weeks. The 60-day period following halvings often shows choppy sideways movement, and price drops between -5% and -15%.
According to 10x Research CEO and senior analyst Markus Thielen, Bitcoin could further fall to
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