The inability of Bitcoin to exceed the $73,000 level it reached in March caused serious declines in altcoins, while Julien Bittel, director of research firm Global Macro Investor (GMI), evaluated the movements as normal.

“It always happens during the halving period”

Bittel, who evaluated the recent decline in Bitcoin from his X account, stated that these movements were also seen in previous halving periods and showed the price movement he shared from the 2016/2017 period and said the following statements:

“What we see in terms of Bitcoin price is similar to what we usually see during halving periods. When approaching the halving, a strong rise comes first. Then there is a short-lived but sharp correction. There’s a period of ups and downs, a period where the market is virtually mowed down, followed by a final drop that completely destroys any positive sentiment… Then there’s another boring up and down and finally prices start to rise. In simple terms, we are now in the ‘Boring Zone’ just before the ‘Banana Zone’. A little more patience…”

According to the chart below by Bittel, Bitcoin has now left the halving period behind and entered the “Boring Zone”. In the chart, this area is expected to end around August and enter the “Banana Zone”. This type of movement or area is called “Banana” because of the formation of a pattern that resembles a banana, as seen on the chart. According to Bittel’s analysis, the largest cryptocurrency will be above $200,000 by this time next year.