Bitcoin Approaches Risky Territory As Halving Event Draws Near
18 Março 2024 - 9:04AM
NEWSBTC
The price of Bitcoin has been on a downward trend since it reached
a new all-time of $73,000, ushering in a wave of speculations
regarding the crypto asset’s next direction in the short term. In
the past few days, Bitcoin’s recent dip has triggered a general
crypto market retracement. With the Bitcoin Halving event fast
approaching, many crypto analysts are anticipating a further
decline in BTC’s price in the near future. Bitcoin Poised For
“Danger Zone” Ahead Of Halving Event Popular cryptocurrency trader
and analyst Rekt Capital has shared a gloomy prediction for Bitcoin
with the crypto community on the social media platform X. His
forecast examines BTC’s potential to drop even further prior to the
halving event while noting the entrance to a risky area he dubbed
the “Danger Zone.” Related Reading: Post-Halving Pressure: Marathon
Digital Anticipates Bitcoin Break-Even Price Of $43,000 The
analyst’s forecast came in light of BTC experiencing a notable
decline in the past few days. According to the expert, two days
from now, Bitcoin will formally venture into the danger Zone
(orange). This is the starting area of past retracements seen
ahead of the BTC Halving, which is expected to take place in April.
Prior to the halving, these retracements have constantly indicated
intervals of substantial market corrections for the digital
asset. Rekt Capital further pointed out that the pre-halving
retracements have historically been observed in BTC 14-28 days
before the event. Bitcoin’s price witnessed a pullback of about 40%
in advance of the 2016 halving occurrence. Meanwhile, in
2020, the crypto asset fell by over 40% before the occasion.
Presently, we are less than 30 days before this year’s BTC halving
takes place; however, the price of the coin has declined by over
11% in the past week, suggesting further correction in the coming
weeks. The post read: In 2 days, Bitcoin will officially
enter the “Danger Zone” (orange) where historical Pre-Halving
Retraces have begun. Historically, Bitcoin has performed
Pre-Halving Retraces 14-28 days before the Halving. In 2020, this
retrace was -20% deep, and in 2016, this retrace was -40% deep.
Currently, BTC is 30 days away from the Halving and has pulled back
-11% this week. It is noteworthy that the crypto analyst had
previously pinpointed the timeframe BTC is expected to top out in
this bull cycle. Rekt Capital believes the asset will peak within
280-350 days. Specifically, this could occur around mid-December
this year, or in mid-February of next year. 4 Distinct Halving
Phases So far, the crypto analyst has highlighted several different
phases for the upcoming Bitcoin Halving; these include the
Pre-Halving Rally, Final Pre-Halving Retrace, Re-accumulation, and
Parabolic uptrend. Related Reading: Bitcoin Crosses $59,000 In
Surprise Pre-Halving Rally According to Rekt Capital, there usually
is a pre-halving rally approximately 60 days before the event takes
place. For the final pre-halving retrace, it usually develops
around 14 to 28 days ahead. Furthermore, after the Pre-Halving
pullback, a multi-month re-accumulation period follows. Lastly, the
parabolic uptrend begins once Bitcoin exits the area of
re-accumulation. Featured image from iStock, chart from
Tradingview.com
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