Mar 18, 2024 at 11:45Bitcoin is on the brink of entering what analysts dub the “danger zone” preceding its halving, historically marked by price dips, though crypto CEOs express bullish sentiment.
Crypto analyst Rekt Capital cautioned in a March 17 X post that Bitcoin is set to enter the “danger zone” in two days, historically associated with price retracements in the lead-up to halving events.
During previous halving cycles, Bitcoin witnessed declines ranging from 20% to 40% in the 14 to 28 days preceding the halving, as observed in 2016 and 2020, according to Rekt Capital.
Forecasts made in January by Rekt Capital accurately anticipated a “pre-halving rally” approximately 60 days before the event, followed by a subsequent “pre-halving retrace” occurring one to three weeks before halving.
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As Bitcoin approaches its next halving, expected in about 33 days on April 20, its price has already retreated by 8.5% from its recent all-time high of $73,835 on March 14, currently standing at $67,537.
Binance CEO Richard Teng expressed optimism during an event in Bangkok on March 17, projecting Bitcoin’s ascent beyond $80,000 by year-end, attributing it to institutional investors’ increased involvement, evident in the $57 billion managed by new U.S. ETFs.
Meanwhile, Kris Marszalek, CEO of Crypto.com, characterized Bitcoin’s recent price correction as a healthy adjustment, noting a decline in leverage, and highlighted a steady uptrend reminiscent of late 2020 and early 2021, indicating lower volatility and more stable growth in the long term.
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