It has been a roller-coaster ride for Bitcoin (BTC) in recent weeks. Despite the crypto market’s volatility, the excitement and anticipation for the upcoming Bitcoin halving event continues. 

This hype has pushed the BTC price to surpass $72,715, however, there are anticipated challenges that may hinder the BTC price rally to $80,000. Experts are foreseeing a potential downturn, possibly a crash if historical patterns in the Bitcoin price chart repeat themselves.

As the BTC community and investors await the Bitcoin halving event, analysts shed a warning of a correction if Bitcoin’s price exhibits a pattern similar to what has been observed previously.  

Analyst Benjamin Cowen suggested that if Bitcoin replicates a pattern similar to what happened during the spot Bitcoin ETF as it goes into Bitcoin halving, a decline in BTC could be expected. He expects that Bitcoin (BTC) will reach a new all-time high (ATH) after the halving, followed by a sudden drop below the $60,000 threshold. 

Veteran trader Peter Brandt has responded to the post, stating that Bitcoin has historically shown tendencies to follow similar patterns during previous halving events. He added that this “same basic pattern” has been a recurring feature in past Bitcoin bull markets. 

Meanwhile, crypto exchange BitMEX co-founder and former CEO Arthur Hayes stated that Bitcoin is likely to encounter selling pressure in the days before and after the halving event scheduled on April 20, a supposedly bullish event. 

In his most recent blog post titled “Heatwave,” Hayes explained how the prevalent bullish narrative surrounding the halving event is firmly established potentially leaving the doors open for a price correction. 

The bullish outlook is based on data that Bitcoin historically experiences impressive multi-month rallies following halving events. These events happen every four years and reduce the rate of supply expansion by 50%. This time, the halving event will decrease the per-block issuance from 6.25 BTC to 3.125 BTC.