Crypto Analyst Warns of Potential 30% Bitcoin Crash
A well-known crypto analyst is raising concerns about a potential market correction for Bitcoin (BTC) in the near future. In a recent video, the analyst suggests that Bitcoin could experience a decline of up to 30% before the halving event in April.
The Halving Event and its Impact on Bitcoin
The halving event, which occurs every four years, involves cutting miners’ rewards in half. According to the analyst, this event may trigger a pre-halving rally followed by a retrace. The current pre-halving rally has led to speculation and buying in anticipation of profit from the halving hype.
Post-Halving Parabolic Rally
The analyst also highlights a historical pattern where Bitcoin tends to go parabolic months after the halving event. This surge in price appreciation is attributed to the supply shock caused by the halving. The analyst advises against selling before the halving to make quick profits, as it may hinder potential gains from the grander parabolic rally that typically occurs after several months.
Bitcoin’s Current Price
At present, Bitcoin is trading at $51,688, having gained over 4.5% in the last 24 hours.
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