• 18 June, 2024
News

Analyst Warns of Impending Bitcoin Halving and Potential Price Drop

In a pivotal move, renowned crypto analyst Crypto Busy shared his insights in an X post, warning investors of the approaching Bitcoin halving, which is set to occur in less than 66 days. With a message to “keep stacking” and advising caution, the analyst emphasized the significance of this upcoming event.

In a recent X post, the analyst highlighted historical trends preceding Bitcoin halving, noting price drops in the months leading up to past halving events. Citing examples, he pointed out that in 2020, amid the pandemic, Bitcoin experienced a 61% drop before the halving. Similar 29% and 22.97% drops were observed in 2016 and 2012, respectively.

Addressing the potential scenario for 2024, analysts questioned whether Bitcoin would follow the same pattern or if the emergence of Exchange-Traded Funds (ETFs) has altered the game. Expressing readiness to capitalize on any significant price drop, he stated his intention to accumulate Bitcoin during such a dip, preparing for what he believes will be the subsequent bull run.

In spite of the fact that he expected a possible slump, the analyst reaffirmed to his followers that he had been stacking crypto assets since the beginning of the bear market. He warned against FOMO and advised investors to be alert.

In addition to guiding on navigating market fluctuations, analysts shared insights into identifying bullish patterns such as the cup and handle, rounding bottom, double bottom, and falling wedge. Encouraging investors to evaluate projects based on their utility and use case, he emphasized the importance of conducting thorough research before making investment decisions.

As the countdown to the Bitcoin halving continues, Crypto Busy’s words remind investors to tread cautiously in the volatile cryptocurrency market. With uncertainty looming over Bitcoin’s price trajectory, strategic accumulation and informed decision-making are advised to navigate the potential challenges. 

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