Bitcoin pre-halving correction narrative strengthens as BTC falls below $62K

) following the halving event, despite the world’s largest crypto asset plummeting nearly 15% from its latest all-time high of $73,738 over the last six days.

Edwards said that while the correction doesn’t appear to be over yet, he remains optimistic for price action in the long term. While Edwards looked to the halving as a primary catalyst for Bitcoin’s price action, CryptoQuant founder and CEO Ki Young Juthat the Bitcoin market is being fueled by spot Bitcoin exchange-traded fund flows and not by the halving event.“Direct cost per coin will rise to approx $37K, but at $63K, it’s no longer a problem for them,” he added.“Bitcoin will retrace deep enough to convince you that the Bull Market is over. And then it will resume its uptrend.

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