BITCOIN NEARS PRE-HALVING “DANGER ZONE ”...?

Pre -hslving Danger Zone” has historically coincided with sharp price corrections before Bitcoin halving events, raising concerns about a potential crash in the coming weeks.

According to price charts, Bitcoin is trading above $71,500 when writing. However, as time progresses, the coin is inching closer to the “Danger Zone.” Usually, when prices are at this region, as past price action shows, the coin tends to pull back sharply, unwinding gains. This area is time-based and takes place roughly two to four weeks before halving. 

The network will halve its miner rewards in roughly 33 days in mid-April 2024. Therefore, if past price action guides, it is likely that the expected miner sell-off might push the coin lower, denting the current optimism.

But this time it could be completely different as well....Can BTC ETF approval change the entire patern..?

While there is a chance that BTC might slump before halving, some community members are buoyant. Most are adamant that the approval of spot Bitcoin exchange-traded funds (ETFs) has been a game-changer. In their assessment, the influx of billions of dollars from spot Bitcoin ETFs will buffer against selling pressure from miners. 

Additionally the sentiment is that the current market is less driven by retail euphoria, as seen in previous cycles, and more by large institutional players like Blackrock. These institutional players are now the primary source of demand, providing a sense of reassurance about the market’s stability and potential for growth...