Will Bitcoin (BTC) Break Down to $30K or Continue Pre-Halving Rally?

Amidst rising uncertainty in the crypto markets, notable traders remain divided on if further downside lies ahead for Bitcoin or whether the pre-halving rally period will soon ignite.

Veteran crypto trader “David” firmly maintains his arguments that Bitcoin still looks poised to breakdown towards $30K. David sees no shift in overall technical conditions to alter his bearish outlook. He urges tuning out “noisy” distracting viewpoints and anticipates another 30% correction playing out over the coming two months.

According to David, increasingly bullish sentiment getting re-stoked by “trap” price action risks complacency as major technical damage remains intact for Bitcoin, particularly in higher timeframe trend dynamics. With few expressing concern about downside risks, David feels his warnings are falling on deaf ears and may discontinue commenting given the prevailing bullish biases.

However, Rekt Capital pushes back on the likelihood of additional notable downsides. He points out that only one week remains in Bitcoin’s pre-halving period, where pullbacks have historically occurred. After that, Rekt expects the next Bitcoin rally phase to ignite, as it has following previous halvings. This could preclude any further dip below the recent swing lows.

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In conclusion, contrasting arguments pit a veteran crypto trader expecting a >30% drawdown versus an analyst calling an end to pullbacks as the halving rally period nears. With clashing interpretations of largely the same price action and network metrics, traders must determine which thesis better reflects Bitcoin’s technical posture and four-year cyclical patterns as the halving timeline draws nearer. The coming weeks may prove pivotal in resolving these directions.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.