Will Bitcoin Witness a -40% Plunge During the 2024 Halving? Analyst Shares Crucial Information
Crypto trader Rekt Capital recently shed light on a plausible scenario that could see Bitcoin experience a significant 40% drop around its upcoming halving event. Drawing on historical patterns, Rekt Capital highlighted the importance of the current 42-day window leading up to the pre-halving rally.
The Orange Box: A Crucial 42-Day Period
Rekt Capital emphasized the need to focus on the upcoming 42-day phase, represented by the distinctive orange box in the price action chart. This timeframe serves as the countdown to the pre-halving rally, a phase known for its upward trajectory following a retracement in Bitcoin’s price.
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Examining past events, Rekt Capital pointed out the occurrence of a 20% pre-halving retrace in 2020. Comparing this to the current situation, there arises a pertinent question: Could history repeat itself with a potential 40% pre-halving retrace in the coming days?
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Show more +The trader delved into the intricacies of the pre-halving retrace puzzle. If the next 40 days witness a deep retrace, could this lead to a shallower retrace around the halving event itself? Conversely, a shallow retrace now might imply a deeper correction during the pre-halving retrace period.
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