Bitcoin’s Price Decline
Since hitting a record high of $73,000, Bitcoin’s price has been on a downward trend. This recent dip has triggered a broader crypto market pullback.
Danger Zone Ahead
Crypto analyst Rekt Capital predicts a further decline in Bitcoin’s price before the upcoming halving event. He identifies a “Danger Zone” where Bitcoin is currently entering.
Historical Retracements
Historically, Bitcoin has experienced significant retracements 14-28 days before halving events. In 2016 and 2020, these retracements reached 40%.
Current Situation
With less than 30 days until the halving, Bitcoin has already pulled back over 11%. This suggests that further correction is likely in the coming weeks.
Halving Phases
Rekt Capital outlines four distinct phases for the upcoming halving:
- Pre-Halving Rally: Occurs about 60 days before the event.
- Final Pre-Halving Retrace: Develops 14-28 days before the halving.
- Re-accumulation: Follows the pre-halving pullback and lasts for several months.
- Parabolic Uptrend: Begins when Bitcoin exits the re-accumulation phase.
