Bitcoin Bull Trend Remains Unabated Despite Predictions of Deeper Plunge, Market Analysts Suggest
Summary:
Despite a recent 10% dip, Bitcoin (BTC) can still maintain its bullish market trend and historic trajectory, suggests recent assessment. Veteran market participants agree that BTC is following the classic path towards new macro peaks. An unidentified trader known as 'Bags' has drawn comparisons to previous halving cycles, suggesting potentially a bigger plunge without affecting the market's overall bullish trend. Rekt Capital, a renowned trade expert, further confirms this view, cautioning that BTC is approaching the most risky part of the pre-halving phase.
Even with possible further dips, Bitcoin (BTC) can still maintain its bullish market trend and historic trajectory, states the latest BTC price assessment. Despite the coin experiencing a 10% drop in under 24 hours, it paints a hopeful image of BTC/USD's performance.
Historically, Bitcoin experiences near 40% pullbacks during bullish markets. Market veterans concur that BTC is adhering to the classic path towards new macro peaks. Even with heightened fluctuations around BTC's 2021 record high of $69,000, the prevailing Bitcoin bull trend continues unabated. This would hold true even if the coin plunged deeper, based on information from both Cointelegraph Market Pro and TradingView.
On March 15th, an unidentified trader by the online handle of Bags, shared thoughts on the upcoming block subsidy halving, via a platform referred to as X. He highlighted similarities to past halving cycles, showing significant price drops of nearly 40% before each event, which subsequently led to price discovery. “Presently at $73.5k, a 38% drop would be $45.5K,” he posted, showcasing the potential extent of a downside from BTC's most recent record highs.
When queried about US spot Bitcoin exchange-traded funds (ETFs) possibly underpinning the market, a scenario absent in prior cycles, Bags pointed out that each preceding bull market had its catalysts that did not stop a downturn.
Trade analyst and expert Rekt Capital, who's also closely monitoring price actions in regard to the halving, affirms that even with BTC hitting a new peak before its 2024 halving - an unprecedented event - it's the typical bull market behavior. In a chart posted on X, he matched this year's activity with the preceding halving year in 2020.
As explained by him, “Technically, Bitcoin is in its Pre-Halving Rally phase (light blue). It's on the verge of moving from its ‘Pre-Halving Rally’ into the ‘Pre-Halving Retrace’ phase (orange and dark-blue circle).” In a subsequent post, he cautioned that BTC/USD was nearing the most hazardous part of the pre-halving phase, wich he labeled the “danger zone."
"Historically, Bitcoin has carried out Pre-Halving Retraces 14-28 days prior to the Halving,” he observed.
Please note, this article doesn't provide investment advice. Every investment action carries its inherent risks. As such, individuals are advised to carry out their research before making a decision.
Published At
3/15/2024 4:37:52 PM
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.