Bitcoin Could Experience Parabolic Rally After 2024 Halving, Analyst Says
A popular crypto analyst believes that Bitcoin (BTC) could go through another parabolic rally and reach a new all-time high after its halving in 2024. The pseudonymous analyst, known as Rekt Capital, suggests that Bitcoin has the potential to surge above $80,000 in the months following the halving event. The halving, which occurs every four years and reduces miners’ rewards by half, is expected to take place in April 2024.
Short-Term Downtrend Possible Before the Halving
While Rekt Capital remains bullish on Bitcoin in the long term, he acknowledges that BTC could continue its downtrend before the halving. He advises crypto investors to stay resilient during this pre-halving period and take advantage of any further price drops. According to Rekt Capital’s analysis, Bitcoin may follow a similar pattern to its 2019 bear market cycle when it traded within a triangle formation before breaking out into a bull market.
Possible Path Towards Post-Halving Breakout
Rekt Capital’s chart indicates that Bitcoin might confirm a triangle breakout in April 2024, followed by a rally towards his long-term target. Currently valued at $26,610, Bitcoin’s price is subject to fluctuations as it approaches the halving event.
Hot Take: Bitcoin’s Potential for Another Parabolic Rally
The upcoming halving event in 2024 could be a catalyst for another parabolic rally in Bitcoin’s price. Despite the possibility of a short-term downtrend before the halving, the crypto market could witness significant growth afterward. Investors are advised to stay resilient and consider taking advantage of any price drops during this pre-halving period. If historical patterns repeat, Bitcoin may experience a breakout in April 2024, leading to a long-term upward trend. As Bitcoin’s value currently stands at $26,610, it is crucial for investors to closely monitor its performance and market conditions.
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