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Bitcoin is poised to enter what analysts dub the "Danger Zone" in a matter of days, historically marked by price downturns preceding halving events.
Anticipating Pre-Halving Retracement
Crypto analyst Rekt Capital took to X to share insights on March 17, cautioning that Bitcoin is on the verge of entering the "Danger Zone," where historical trends indicate pre-halving retracements typically begin.
According to Rekt Capital, Bitcoin has witnessed price dips ranging from 14 to 28 days before previous halving occurrences. In the lead-up to the 2016 halving, Bitcoin experienced a 40% decline, followed by a 20% drop ahead of the 2020 halving.
Predictions Come to Fruition
In January, Rekt Capital forecasted a "pre-halving rally" approximately 60 days before the halving, followed by a "pre-halving retrace" occurring within one to three weeks before the event.
This prediction materialized as Bitcoin surged mid-February, surpassing its previous cycle's all-time high of $68,990 in March — a significant milestone preceding any previous halving event.
As per CoinMarketCap, the next halving is estimated to occur in under 33 days, slated for April 20. However, Bitcoin has already witnessed an 8.5% decrease from its March 14 peak of $73,835, currently trading at $67,537.
Industry Leaders Bullish on Bitcoin
During an event in Bangkok on March 17, Binance CEO Richard Teng expressed bullish sentiments towards Bitcoin, anticipating further record-breaking performances with a potential climb beyond $80,000 by year-end, as reported by Bloomberg.
According to Coin Telegraph, Teng emphasized Bitcoin's nascent stage, highlighting institutional investors' significant allocations to the cryptocurrency through new United States exchange-traded funds (ETFs), which currently manage a staggering $57 billion, according to Dune Analytics data.
Based on a Coinnounce report, as the crypto community closely monitors the market, the interplay of historical patterns and optimistic predictions from industry leaders presents a nuanced view of Bitcoin's trajectory before and after the halving event.
Meanwhile, Crypto.com co-founder and CEO Kris Marszalek offered insights on CNBC on March 15 regarding Bitcoin's recent price movement. He described the price drop as a healthy correction, alleviating built-up leverage in the market.
Marszalek noted a resurgence in Bitcoin reminiscent of late 2020 and early 2021, highlighting its potential for sustained growth. He anticipated a steady increase in Bitcoin's price, projecting diminished volatility compared to previous cycles, emphasizing Bitcoin's status as a long-term asset.
Photo: Behnam Norouzi / Unsplash
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