Bitcoin (BTC) may be just days away from entering the pre-halving “danger zone,” a period in which prices have historically fallen in the lead-up to halvings, according to one analyst. .
“Within two days, Bitcoin will officially enter the ‘danger zone’.” […] A historic pre-halving retrace has begun here,” crypto analyst Recto Capital shared on X on March 17th. post.
In the past, the price of Bitcoin has declined in the 14 to 28 days leading up to a halving, Recto Capital explained. During the 2016 halving, Bitcoin fell by 40% during that time, and in 2020 it fell by 20%.
Recto Capital predicted in January that a “pre-halving rebound” would occur about 60 days before the halving, followed by a “pre-halving rebound” about one to three weeks before the halving.
That prediction came true, and Bitcoin began to soar in mid-February, surpassing the previous cycle’s all-time high of $68,990 in March, further surprising analysts. This is the first time Bitcoin has achieved this before the halving. .
The next halving is expected to occur in just under 33 days, on April 20th. according to Go to Coin Market Cap. However, the price of Bitcoin has already fallen 8.5% from its all-time high of $73,835 on March 14 to the current $67,537, according to Cointelegraph Markets Pro.
Crypto.com and Binance leaders are bullish on Bitcoin
Binance CEO Richard Teng told the audience at an event in Bangkok on March 17 that he expected Bitcoin to continue breaking records and surpass $80,000 by the end of the year. said Bloomberg. report.
Teng argues that Bitcoin is “just getting started,” with institutional investors allocating large sums of money to the cryptocurrency through new U.S. exchange-traded funds (ETFs), which have $57 billion under management, according to Dune Analytics. He pointed out that data.
Binance’s head predicts Bitcoin will rise above $80,000 “as supply dwindles and demand continues,” but says it won’t be a “straight line” and there will be price fluctuations along the way. Ta.
Related: Why Bitcoin Halving is Important for the Future of Decentralized Finance
Kris Marszalek, Co-Founder and CEO of Crypto.com Said CNBC said on March 15 that Bitcoin’s recent price decline was a “healthy move that removed some of the accumulated leverage.”
He added that the exchange sees an uptrend that Bitcoin last saw in late 2020 and early 2021, when it went from less than $20,000 to more than $60,000 in just over three months. The current volatility is “actually quite low,” he said. [compared] It’s the same thing we’ve seen in previous cycles. ”
Marszalek predicted that Bitcoin’s price would “rise steadily” and that there would be “less sudden fluctuations” because Bitcoin is an asset that “you want to hold for decades, not days or weeks.”
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