Crypto trader David shared his historical perspective on where bitcoin may trend heading toward its next halving event in April 2024. He notes that, based on past market cycles, new all-time highs for bitcoin likely will not materialize until Q4 2024.
In the meantime, David expects bitcoin to initiate a three-month corrective phase sometime in Q1 2024 after topping out between $46,700 and $52,000. This lines up with typical peak levels from previous market cycles. However, he believes any dips across altcoins should prove short-lived, as profits rotate out of bitcoin into other crypto assets.
Crypto analyst Rekt Capital echoed this outlook, highlighting how altcoin market capitalization has historically risen considerably following successful retests of prior resistance areas. After recently confirming higher support, the total altcoin market cap has already expanded by over 40%, Rekt notes.
The combination of bitcoin stalling near halving events before distribution unfolds, coupled with capital rotating toward altcoin opportunities, bodes well for outsized gains across smaller digital assets heading into early 2024. Traders can utilize pullbacks on these coins as buying opportunities, according to analysts.
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
Show more +With bitcoin still significantly up from its ultimate bear market lows, substantial downside risk remains for the apex crypto once it peaks, while the rest of the crypto market should continue benefiting from positive fundamental momentum. Hence, altcoin strength seems likely to persist through much of 2023, leading into next year’s halving.
You may also be interested in:
- DeFi Investor Unveils Top Crypto Picks for the Week Ahead Including BTC, AVAX and These Altcoins
- Will Bitcoin Traders Bet on Bullish or Bearish Outcomes This Holiday Season?
- Bonk Surpasses $1 Billion Market Cap As Solana Sets New 2023 High. Can Meme Moguls Catch Up?
Check $RECQ Meme Coin
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
