Popular crypto analyst Rekt Capital has warned the market that Bitcoin price may experience a correction in the near future. Analysis based on historical market cycles suggests that Bitcoin may enter a critical period in the coming days and a significant pullback may occur. Here are the details…
Analyst says Bitcoin is approaching the “danger zone” where it could enter a significant correction as of today stated. Rekt Capital emphasized that Bitcoin has experienced serious corrections in the days leading up to halving events in the past. According to the analyst, Bitcoin has historically been observed to experience pullbacks before the halving, especially 14-28 days before the halving. While the depth of the retreat in 2020 was 20%, in 2016 this rate was 40%.
The next halving event is expected to take place on April 15. The analyst said the following on the subject:
“In two days (starting March 17), Bitcoin will officially enter the ‘danger zone’ (orange) where pullbacks before the historic halving begin. Historically, Bitcoin has made pre-halving pullbacks 14-28 days before the halving.
NEWS CONTINUES BELOWIn 2020 this pullback was -20% deep.
In 2016 this pullback was -40% deep.
NEWS CONTINUES BELOW[17 Mart itibarıyla] There are 30 days left until the BTC halving event and [geçen] week retreated -11%.”
According to analysis from Rekt Capital, Bitcoin price action could fall to a range of $40,000 depending on previous market cycles.
“From here [65.348 dolardan] A 20% drop would be interesting. This implies around $13,000 on the downside. Or a 30% pullback could be even deeper than that. This could take us down about $21,000 from current levels. “And it’s pretty crazy to think we could still get to $44,000.”
Finally, the analyst uses the following statements regarding his prediction:
“We are here (green circle). And if you really can’t see the recent decline, that’s exactly the point of this article.”
Bitcoin is trading at $62,956, down nearly 5% in the last 24 hours.
The analyst’s warning may be an important point of caution for investors who are aware of the volatility and risks in cryptocurrency markets. In particular, investors who make future predictions based on Bitcoin’s historical trends may take these warnings into consideration. However, every investment decision should be based primarily on personal risk tolerance and long-term investment goals.
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