Posted 3/22/2024, 11:45:30 AM
Bitcoin Faces Risk of Further Decline Ahead of Halving Event Despite Recent Rally
- Bitcoin has entered a "danger zone" where historically it has seen 20-40% corrections prior to the halving event
- The current pullback is showing similarities to 2016 when Bitcoin initially rebounded before falling further
- The analyst predicts Bitcoin could peak in late 2024 or early 2025, extending previous bull market cycles
- Bitcoin is currently trading around $65k, down over 3% in the last 24 hours
- The halving event, which cuts miner rewards in half, is estimated to be 26 days away
