Rekt Capital, one of the popular traders of the crypto world, Bitcoin He talked about the halving, which is expected to occur in April 2024 on his network. Trader predicts a sharp correction of up to 40%, contrary to expectations warned.
Rekt CapitalIn his post on his X account, he stated that Bitcoin could repeat the 2016 price pattern and fall by 40% after a pre-halving rally.
As we reported as Koinfinans.com, the next halving event is expected to occur in April 2024. A 40% drop in Bitcoin price from its current value is equivalent to an average of $22,500, but BTC’s price has the potential to rise by April.
It is important to underline that the trader’s prediction may not give a clear result. Rekt Capital only takes into account the trend that occurred in 2016. However, as with every asset, there is a high probability of a decrease in price as the excitement in BTC decreases.
Bitcoin could potentially see a pullback of up to 40% due to the halving. I particularly want to focus on the pre-halving pullback period in 2016.
This represents where Bitcoin consolidated to new yearly highs for a significant period of time in preparation for this light blue pre-halving rally, and then after creating these new yearly highs, Bitcoin actually pulled back 40%.
NEWS CONTINUES BELOWA fair portion of this pullback occurred in the form of a bearish wick, and if you think about that bearish wick, it retested the top of this pre-accumulation range right here, but it occurred just a few weeks before the halving event, which offered a discount on Bitcoin.
40 is not always the case, but this is probably the worst case scenario for Bitcoin. So if you see a range like this in this cycle, for example, you can rest assured that we’re probably going to see a retest of that range.
