Bitcoin (BTC) enthusiasts and crypto analysts are again experiencing a surge of excitement as they eagerly await the upcoming 2024 halving event, anticipating potential explosive price movements in the cryptocurrency world. This event, historically triggering significant price surges, is sparking fresh optimism in the cryptocurrency market.
Renowned crypto trader and analyst Rekt Capital recently took to the social media platform ‘X’ to offer valuable insights into the future price trajectory of Bitcoin. According to Rekt Capital’s analysis, the countdown to Bitcoin’s halving in April 2024 is a mere 210 days.
#BTC
— Rekt Capital (@rektcapital) September 22, 2023
Bitcoin is 210 days away from the Halving in April 2024
At this point in the cycle in 2019, $BTC performed a relief rally to form another Lower High
And in the months that followed, Bitcoin dropped -62% to reach its Macro Higher Low
Right now, it looks like BTC is also… pic.twitter.com/1EWwASBuld
Intriguingly, Rekt Capital noted that in the corresponding phase of the 2019 cycle, Bitcoin embarked on a relief rally, ultimately forming another Lower High. While Rekt Capital maintains optimism about Bitcoin’s long-term potential, he also acknowledges the possibility of a temporary downturn leading to the halving event.
As history reminds us, following that 2019 rally, Bitcoin experienced a noteworthy -62% drop, reaching its Macro Higher Low. Bitcoin is following a similar pattern, initiating a relief rally. The path to achieving its Macro Higher Low in this cycle may not require a significant crash or another unforeseen Black Swan event, but rather, a retracement of just -27% from its present value.
Rekt Capital draws striking parallels between Bitcoin’s current market dynamics and the 2019 bear market cycle. In 2019, Bitcoin traded within a triangular pattern before breaking free and embarking on an awe-inspiring bull market. This historical precedent fuels the optimism that a comparable pattern could play out leading up to the 2024 halving.
As the 2024 halving event approaches, Bitcoin once more steps into the spotlight of speculation. Rekt Capital concurs that substantial price fluctuations are on the horizon, potentially setting the stage for unprecedented gains in the cryptocurrency sphere.
Bitcoin is presently trading at $26,639, showing a marginal decrease of 0.42% over the last 24 hours, but impressively, it has recorded a 2.31% surge over the past month. The cryptocurrency community eagerly awaits the unfolding of the next intriguing chapter in Bitcoin’s extraordinary odyssey.
