Bitcoin’s price has seen a significant decline over the past few days, sparking concerns among those who anticipated a surge following its fourth halving. The price of Bitcoin has dropped 11% since the halving, which took place on April 20, trading around $64,000 at that time. Immediately after the halving, Bitcoin experienced a brief rally, surpassing $67,000 on April 22. However, the price has since been on a downward trend, falling below $57,000 on May 1, according to CoinGecko data.

Currently, Bitcoin is trading at $57,362, down approximately 7% over the past 24 hours and more than 17% over the past 30 days. This sharp decline post-halving might have surprised those who expected a post-halving rally, as seen in some previous halving cycles.

Historically, Bitcoin halvings have been associated with post-halving rallies, typically occurring about a year or more after the halving event. For instance, after the 2016 halving, Bitcoin surged approximately 3,000% in 17 months, reaching $20,000 in December 2017.

However, the current halving cycle has displayed unique characteristics compared to the past. One notable difference is the extraordinary bull run Bitcoin experienced before the fourth halving, reaching a new all-time high just before the event. Such a price trajectory had never been witnessed before in Bitcoin's history.

Mati Greenspan, founder of Quantum Economics, noted the unprecedented bull run leading up to the fourth halving, even though Bitcoin has seen a pullback, it is still up 35% since the beginning of the year. Greenspan suggested that the current drop in Bitcoin's price was somewhat expected, considering the stock market's decline and economic circumstances.

Some analysts had previously predicted a drop in Bitcoin's price following the fourth halving. In March 2024, analysts from JPMorgan forecasted a potential drop to around $42,000 after the halving. Similarly, Markus Thielen, CEO and head analyst at 10x Research, believed Bitcoin could fall to $52,000 following the halving, attributing the recent Bitcoin rally to a slowdown in funds flowing into Bitcoin exchange-traded funds (ETFs) in the past month.

Despite the recent price drop, analysts like Lyn Alden see numerous reasons, beyond just the halving and U.S. Bitcoin ETFs, for Bitcoin to potentially surge to new highs in 2024.