Bitcoin is approaching a crucial danger zone ahead of the halving

Bitcoin may be a few days away from the so-called danger zone before the halving. This is the period leading up to the halving when the price began to decline historically, according to popular analyst Rekt Capital. “Within a couple of days, Bitcoin will officially be in the ‘danger zone’.” […] “The historical declines began before the halving.” So he speaks.

14 to 28 days before halving

In the past, Bitcoin prices started to fall 14 to 28 days before the halving. During the 2016 halving, Bitcoin fell by 40 percent and in 2020 it fell by 20 percent.

In January, Rekt Capital predicted that there would be a rally about 60 days before the halving, followed by a decline one to three weeks before the halving.

This prediction was at least partially fulfilled. Bitcoin started to rise in February and a new all-time high was recorded in early March. Which was instantly the first time Bitcoin had succeeded in doing so before the halving.

Now we have to wait another 33 days for the halving Still 32 days away It is scheduled for April 20.

Binance CEO Richard Teng Tell On March 17 at an event in Thailand, Bitcoin will continue to climb from here and surpass $80,000 by the end of 2024. It will likely be a setback for most people if Bitcoin stays at that price this year.

According to Teng, Bitcoin is “just getting started” and as proof he points to large institutional investors entering through Spot Bitcoin ETFs.

in the meantime There is $56.4 billion worth of capital in ETFs, but that's not entirely fair because Grayscale opened its fund in 2013 and owns billions of dollars worth of Bitcoin.

Chris Marszalek, CEO of Crypto.com, told CNBC on March 15 that Bitcoin's decline is a “healthy move” that takes some leverage out of the market. We talk about leverage when traders gamble with borrowed money on further increases in the price of Bitcoin.

As leverage increases, there is an increased chance for corrections, because you often see this type of behavior at the top (local) of noise.

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