Bitcoin (BTC) Predicted to Surge Past $55,000 After Upcoming Halving Event, but Market Correction Looms, Says Prominent Crypto Analyst.
In an insightful video update, a well-known pseudonymous crypto trader, Rekt Capital, shares his bullish outlook for Bitcoin’s future. With a substantial subscriber base of 45,600 on YouTube and 347,700 followers on Twitter, Rekt Capital’s analysis holds weight in the crypto community.
According to Rekt Capital, history tends to repeat itself with Bitcoin’s price movement after halving events, which occur approximately every four years. The next halving is scheduled for April 2024, where miners’ rewards will be halved. The trader explains that prior to these halving events, Bitcoin often experiences a period of lower prices, as depicted by the blue vertical line in his chart.
Based on historical patterns, Rekt Capital firmly believes that Bitcoin will break through the $55,000 region in the months following the halving, much like it has in the past. Post-halving prices tend to soar beyond previous all-time highs, a recurring theme in Bitcoin’s price history. This cyclical nature suggests a potential surge in value for the leading cryptocurrency.
However, Rekt Capital also warns of a possible near-term market correction for Bitcoin. He points out that during BTC’s recent upward movement, a mini-parabola acted as resistance. Additionally, Bitcoin has lost the multi-day Higher Low (dotted blue) and is currently finding support at the green level. If this green support is breached, there’s a likelihood of a dip to $29,225, as shown in his chart.
At the time of writing, Bitcoin is trading at $29,750, experiencing a slight decline of 0.7% in the last 24 hours.
Crypto enthusiasts eagerly await the upcoming halving event and closely watch for any signs of the predicted surge past $55,000, while also keeping a close eye on the potential market correction. As always, the crypto market remains dynamic and subject to various influences, making it crucial for investors to stay informed and exercise caution in their trading decisions.
Read Also: Crypto Rally Catcher Issues Litecoin Alert: Halving No Longer Bullish
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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