Bitcoin Nears Pre-Halving "Danger Zone" Amid Bullish CEO Predictions
As Bitcoin approaches its next halving, expected on April 20, the cryptocurrency market is on high alert for the pre-halving "danger zone," a period historically marked by a price dip in the 14 to 28 days leading up to the event. Crypto analyst Rekt Capital highlighted this trend, noting significant drops during previous halvings in 2016 and 2020.
#BTC
— Rekt Capital (@rektcapital) March 17, 2024
In 2 days, Bitcoin will officially enter the "Danger Zone" (orange) where historical Pre-Halving Retraces have begun
Historically, Bitcoin has performed Pre-Halving Retraces 14-28 days before the Halving
In 2020, this retrace was -20% deep
In 2016, this retrace was -40%… pic.twitter.com/rnKjznsGHk
Despite a recent 8.5% drop from its March 14 all-time high of $73,835, industry leaders remain optimistic. Binance CEO Richard Teng predicts Bitcoin could exceed $80,000 by year's end, driven by institutional investments and the impact of newly approved U.S. exchange-traded funds (ETFs). He anticipates continued demand but warns of potential price fluctuations along the way.
Crypto.com's CEO Kris Marszalek views the recent price correction as a healthy adjustment, suggesting it aligns with the market dynamics seen before significant rallies in late 2020 and early 2021. He expects a more stable price increase, emphasizing Bitcoin as a long-term investment.
As the crypto community watches the market closely, the mixed signals of historical trends and bullish executive forecasts paint a complex picture of Bitcoin's path leading up to and following the halving.