The Bitcoin Halving and a Different Theory
– A crypto analyst named CrediBULL Crypto has a controversial theory about the next Bitcoin Halving event in April/May 2024.
– Instead of expecting a bull market cycle to start, CrediBULL believes that it will mark the top of the bull cycle and lead to a major bear market by 2025.
– This theory is based on historical data and challenges the commonly accepted cycle starting in 2020. CrediBULL believes the current bull market cycle started in 2018 with a price of $3,000 and expects a higher top than the $69,000 reached in November 2021.
– CrediBULL previously predicted a retracement to $40,000 when many expected Bitcoin to reach $100,000 by December 2021, and his prediction came true.
– The analyst’s theory aligns with the Elliot Wave’s cycles theory, which suggests that each impulse is followed by a retrace and consolidation phase before the next parabolic move.
– CrediBULL predicts the start of a bear market after the 2024 halving, contrary to expectations of higher prices.
– The price of Bitcoin at the time of writing is $29,555, showing a 1.18% decline.
Conclusion
While the commonly accepted belief is that the Bitcoin Halving event leads to a pump in price, CrediBULL Crypto presents a different theory. Backed by historical data and an alignment with the Elliot Wave’s cycles theory, CrediBULL predicts that the 2024 halving will mark the top of the bull cycle and usher in a major bear market. This theory challenges the traditional cycle starting in 2020 and expects a higher top than previous highs. The future of Bitcoin will depend on further developments and the overall sentiment in the crypto and macroeconomic landscape.
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