A widely followed crypto trader is warning that Bitcoin (BTC) could witness a dramatic correction around the next halving event in 2024.
Crypto analyst Rekt Capital tells his 370,300 followers on the social media platform X that Bitcoin could repeat a 2016 price pattern and decline by 40% after a pre-halving rally.
The next halving event is expected in April 2024, when miners’ rewards are cut in half. A 40% decline from Bitcoin’s current value is about $22,500, though the price of BTC could be much higher by April of next year.
“Bitcoin could potentially see a retrace around a halving event of up to 40%. We’re going to be focusing specifically on this [2016] pre-halving retrace period.
This is where Bitcoin was consolidating
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