PRE-HALVING CORRECTION LOOMS ON BTC,,
The upcoming halving event scheduled for April, combined with historical patterns, suggests that Bitcoin may experience one final correction before the bull run resumes, presenting a crucial moment for investors.
Crypto analyst Rekt Capital emphasizes the significance of a pre-halving retrace, noting that historically, it tends to occur only a few weeks before the actual halving event.
Looking back at previous halvings, such retracements have ranged from -38% in 2016 to -20% in 2020. Based on these patterns, a retracement of around 27% is possible in the current market scenario.
If a retracement of this magnitude were to occur, it would place the Bitcoin price at approximately $37,900, as indicated in Rekt Capital’s pre-halving retrace chart. This level represents an important threshold for investors to accumulate the cryptocurrency before the next phase of the halving event and the anticipated bull run rally.
KEY TARGET AREAS
Bitcoin’s continued rise has brought its price to a critical juncture, with the current trading level of $52,100 catching the attention of the founders of blockchain data and intelligence platform Glassnode.
According to their analysis, historical data reveals that the $52,000 level has acted as a formidable resistance point on the weekly chart, making it a crucial threshold for Bitcoin’s trajectory.
The platform’s founders suggest that a successful breach of this level could trigger a surge of buying pressure, potentially leading to a Fear of Missing Out (FOMO) scenario among investors
Overall, the future direction of BTC price remains uncertain, leaving investors to ponder whether the current uptrend will be sustained or if a potential pre-halving retrace will occur before resuming its upward trajectory to surpass its previous all-time high and reach the coveted $100,000 level.
