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. Bitcoin trajectory ahead addressed A popular cryptocurrency analyst is outlining a possible...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
It has been just revealed the fact that Bitcoin could repeat the 2019 correction. Check out the latest reports about this below.
Bitcoin trajectory ahead addressedA 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.
Why this matters
This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Bitcoin Is More Than Just an Asset, Says TD Cowen
Bitcoin Magazine Bitcoin Is More Than Just an Asset, Says TD Cowen Investment bank TD Cowen has said that Bitcoin is more than an...
Bitcoin Price Prediction: Is the BTC Correction Over as It Defies September’s Red Trend?
Bitcoin price is near $83,100, a stable 24-hour movement after retreating from $87,400, and with its prediction still leaning bull...
Solari Capital Founder Scaramucci: Betting on Bitcoin & Exponential Technology
Bitcoin Magazine Solari Capital Founder Scaramucci: Betting on Bitcoin & Exponential Technology Solari Capital just came out of st...
Tax on Bitcoin Gains? Dutch Government to Introduce Capital Gains Tax From 2028
Bitcoin Magazine Tax on Bitcoin Gains? Dutch Government to Introduce Capital Gains Tax From 2028 Dutch people could soon be paying...
Coinbase just completed its US derivatives stack but its biggest bet still sits outside it
Coinbase, the largest US-based crypto exchange, has secured Commodity Futures Trading Commission (CFTC) approval for its own deriv...
XRP Price Prediction: Binance XRP Scarcity Index Hits 20-Month Low
XRP is trading at $1.50, down more than 1% over 24 hours, as Binance’s scarcity index signals a sharp reversal in exchange supply...