Bitcoin Could Repeat 2019-Style Correction

It has been just revealed the fact that Bitcoin could repeat the 2019 correction. Check out the latest reports about this below.

A popular cryptocurrency analyst is outlining a possible “worst-case scenario” for Bitcoin (BTC) as the expected halving event approaches in April 2024.

The pseudonymous analyst known as Rekt Capital has shared with his 363,800 followers on the social media platform X that BTC could experience a similar price pattern to that of 2015, which was also a pre-halving year. Rekt Capital predicts that Bitcoin could enter a months-long accumulation phase.

“If Bitcoin is going to repeat 2015 then a multi-month re-accumulation range at highs could form in the coming weeks.”

According to an analyst, Bitcoin (BTC) may not follow the same trend as the 2016 halving and could instead follow the pattern of the 2019 pre-halving year.

This would result in a possible drop of over 40% from its current value to eliminate weak hands before continuing its upward trend.

The worst-case scenario for Bitcoin would be a revisit of about $20,000 in the next five and a half months before the halving, which would equate to a 42% decrease from its current value.

However, the analyst believes that the likelihood of this happening is low as worst-case scenarios usually have a low probability of occurring. Additionally, the analyst warns that in the past, when BTC has hit new yearly highs, as it did in 2023, prices have become extremely volatile.

“In the previous cycle at this same point in the cycle we were just finishing up a retrace before consolidation and then rallying towards the upside. But later down the line we saw a deeper retrace. So right now of course we’re seeing the opposite so we’re breaking out right now but who’s to say over the next 175 days we’re not going to see a deeper retrace down the line. Could it go to $20,000? That would be probably the worst-case scenario, but history does suggest that we could see a deeper retrace.”

“That’s an opportunity to really take advantage of, but of course, we are in the new macro uptrend,” the analyst said.