Bitcoin Braces for 'Danger Zone' Ahead of Halving, Crypto Leaders Remain Bullish
Summary:
An analyst predicts Bitcoin (BTC) may soon enter a "danger zone" before its halving, a period typically marked by a dip in value. This is based on the pattern of previous halvings where the crypto asset experienced a decrease in value. However, Binance CEO Richard Teng and Crypto.com CEO Kris Marszalek hold bullish views, expecting Bitcoin to break further records by the end of the year.
There are speculations that Bitcoin (BTC) is on the verge of entering a precarious phase — the "danger zone" — just days prior to its next halving event, an analyst has shared. This period has historically witnessed a dip in Bitcoin's valuation preceding its halving, as pointed out by crypto expert, Rekt Capital. He explained that traditionally, Bitcoin's value has suffered a decrease 14 to 28 days prior to its halving. During the 2016 halving, Bitcoin lost 40% of its value within that period, and in 2020, it lost 20%. According to Rekt Capital's projections from earlier this year, a "pre-halving rally," or a substantial surge, would occur approximately 60 days ahead of the halving, trailed by a "pre-halving retrace," or dip, about one to three weeks before the event. These forecasts have proved accurate so far, with Bitcoin achieving and surpassing its prior high of $68,990 just before the halving event, for the first time in the crypto's history. However, despite these developments, Bitcoin has experienced an 8.5% fall from its record high of $73,835 on March 14 to its present valuation of $67,537. With the upcoming halving event slated for April 20, as reported by CoinMarketCap, Bitcoin's future course will be interesting to observe. In related news, Richard Teng, CEO of Binance, and Kris Marszalek, co-founder and CEO of Crypto.com, made bullish remarks regarding the future of Bitcoin. During a Bangkok event, Teng projected Bitcoin's value would exceed $80,000 by the year's end due to sustained demand and reductions in supply. Marszalek, meanwhile, described the recent Bitcoin price drop as a "healthy move," and expects to see a steady increase in the crypto's value.
Published At
3/18/2024 5:38:08 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.