A extensively adopted crypto dealer is warning that Bitcoin (BTC) may witness a dramatic correction across the subsequent halving occasion in 2024.
Crypto analyst Rekt Capital tells his 370,300 followers on the social media platform X that Bitcoin may repeat a 2016 value sample and decline by 40% after a pre-halving rally.
The subsequent halving occasion is predicted in April 2024, when miners’ rewards are lower in half. A 40% decline from Bitcoin’s present worth is about $22,500, although the value of BTC could possibly be a lot greater by April of subsequent 12 months.
“Bitcoin may probably see a retrace round a halving occasion of as much as 40%. We’re going to be focusing particularly on this [2016] pre-halving retrace interval.
That is the place Bitcoin was consolidating for a considerable period of time in preparation for this mild blue pre-halving rally to new yearly highs after which after we fashioned these new yearly highs, Bitcoin really retraced the minus 40%.
A good portion of that retrace got here within the type of a draw back wick and if you consider this draw back wick, that retested the very high of this pre-accumulation vary proper over right here, however occurred solely a handful of weeks earlier than the halving occasion providing a reduction on Bitcoin.
40% isn’t at all times the case, however that is in all probability the worst-case state of affairs for Bitcoin. So in case you see a variety like this manner on this cycle, for example, then relaxation assured we’ll in all probability see a retest of that vary.”
Bitcoin is buying and selling for $37,341 at time of writing.
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