Crypto Analyst Issues Bitcoin Warning, Says BTC Could Crash up to 40% Near 2024 Halving

A broadly 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 anticipated in April 2024, when miners’ rewards are minimize in half. A 40% decline from Bitcoin’s present worth is about $22,500, although the value of BTC could possibly be a lot increased by April of subsequent yr.

“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 gentle blue pre-halving rally to new yearly highs after which after we fashioned these new yearly highs, Bitcoin truly retraced the minus 40%.

A good portion of that retrace got here within the type of a draw back wick and if you concentrate on this draw back wick, that retested the very prime 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 most likely the worst-case situation for Bitcoin. So when you see a variety like this way on this cycle, for example, then relaxation assured we’ll most likely see a retest of that vary.”

Bitcoin is buying and selling for $37,341 at time of writing.

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