A widely followed crypto analyst is warning that Bitcoin (BTC) could fall further ahead of next month's halving event, when miners' rewards will be cut in half.
Pseudonymous cryptocurrency trader Rekt Capital To tell His 433,000 followers on social media platform X claimed Bitcoin entered the “danger zone” when historically the cryptocurrency king corrected between 20% and 40%.
“It has been two days since Bitcoin officially entered the ‘danger zone’ (orange) where the historic pre-halving retrace began. We have been performing a retrace before the halving.Currently, BTC is about 26 days away from the halving and has fallen by almost -18% in total since last week.
It is unclear whether the retrace bottom is already included. But what is clear is that Bitcoin has only recently entered its “danger zone” period. Technically, there is still room for further downside. ”
trader To tell Bitcoin's price pattern shows similarities to the 2016 cycle, which could suggest an even deeper decline ahead of the halving event.
“In 2016, Bitcoin performed a pre-halving retrace approximately 28 days before the halving. In 2024, Bitcoin performed a pre-halving retrace approximately 32 days prior to the halving. Interestingly, , when Bitcoin began its pre-halving retrace in 2016, the price first created long downside room and then retraced further.
Recently, Bitcoin has also been creating a long downward trend due to the retrace before the halving. Bitcoin will need to maintain its current highs to avoid a fate similar to 2016, when the initial reaction was strong but short-lived. ”
Vendors too, Predict When Bitcoin could reach the peak of the current bull market cycle.
“When will Bitcoin peak in this bull market? Bitcoin tends to hit a new all-time high 266-315 days after hitting a new all-time high. Updated value. Therefore, the next bull market peak could occur within 266 to 315 days. It will be in late November 2024 or late January 2025.”
However, the trader said Bitcoin has historically taken longer to peak each cycle, and the peak of the current bull market could be pushed back to December 2024 or mid-February 2025. Says.
“Historically, the number of days Bitcoin has spent above all-time highs has increased by approximately 14 to 35 days…
Adding 14 to 35 days to the original bull market peak range of 266 to 315 days brings the total to 280 to 350 days. This could push the Bitcoin bull market peak to mid-December 2024 or mid-February 2025. ”
At the time of writing, Bitcoin was trading at $65,410, down more than 3% in the past 24 hours.
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