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.
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.
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