Crypto Trader Predicts 40% Bitcoin Correction by 2024 Halving
A prominent crypto trader is cautioning that Bitcoin (BTC) might experience a significant correction around the next halving event in 2024.
Rekt Capital, a crypto analyst, suggests to his 370,300 followers on the social media platform X that Bitcoin could imitate a 2016 price pattern and drop by 40% after a pre-halving rally.
The next halving is projected for April 2024, when miners’ rewards are halved. A 40% decline from Bitcoin’s current value is about $22,500, though it could be much higher by April next year.
Rekt Capital emphasizes that the 40% figure is not always the case, but it is likely the worst-case scenario for Bitcoin. If a similar pattern occurs in this cycle, then a retest of that range is to be expected.
As of the time of writing, Bitcoin is trading at $37,341.
Hot Take
Renowned crypto trader Rekt Capital warns that Bitcoin could endure a major correction of up to 40% near the 2024 halving event, following a pre-halving rally. The next halving is expected in April 2024, and it could lead to a substantial decline in Bitcoin’s price. While a 40% drop is not guaranteed, it represents a potential worst-case scenario for Bitcoin.Keep an eye out for a similar price pattern as the halving approaches, as a retest of the range is a likely outcome.
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