Bitcoin before another price correction on the wave of Halving – analysts’ forecasts


Is Bitcoin Heading for Another Price Correction Following the Halving Wave?

After reaching a new all-time high of $73,000, the price of Bitcoin has experienced a decline, triggering numerous speculations about the future direction of the cryptocurrency’s price in the near future.

Analysts’ Projections on Bitcoin Halving

The recent drop in Bitcoin’s price has caused a general retreat in the cryptocurrency market. The upcoming Bitcoin Halving event is raising concerns among many analysts, who predict a further decline in BTC price in the near future.

Analyst Rekt Capital shared a grim Bitcoin forecast related to the upcoming Halving on the X social media platform. His analysis suggests the possibility of another BTC price drop before the Halving, while also highlighting the existence of a risk area called the “Danger Zone.”

Anticipation of Declines before Halving

Research conducted before the Bitcoin Halving indicates that the recent price drops were recorded 14-28 days prior to the event. The price of Bitcoin decreased by about 40% before the 2016 Halving and by over 40% in 2020.

Approaching Date of the Next Halving

Currently, there are less than 30 days left until this year’s BTC Halving, and the cryptocurrency’s price has dropped by over 11% in the last week, suggesting a possible further price correction in the coming weeks.

Forecast for Bitcoin’s Current Growth Cycle Peak

The analyst has identified the likely peak time of Bitcoin’s current growth cycle to be at 280-350 days. It is expected to occur around mid-December this year or mid-February next year.

Phases of Bitcoin Halving

Rekt Capital has identified four distinct phases of the Bitcoin Halving: Pre-Halving Rally, Final Pre-Halving Retrace, Re-Accumulation, and Parabolic Uptrend. Each of these phases has a specific impact on the cryptocurrency’s price.

The overall progression of Bitcoin Halving includes the Pre-Halving Rally phase approximately 60 days before the event, the Final Pre-Halving Retrace 14-28 days prior, Re-Accumulation after price declines, and Parabolic Uptrend after exiting the accumulation phase.

Summary

While Bitcoin’s price fluctuates and the cryptocurrency market experiences ongoing turbulence, market analyses and analyst forecasts point to possible further declines before the upcoming Halving. Investors and cryptocurrency market observers are eagerly monitoring the situation, seeking to understand the changes that the following weeks may bring and how they will impact the future shape of the cryptocurrency market.