The world of cryptocurrency is always full of speculation and uncertainty, especially when it comes to the price of Bitcoin. Recently, there has been a lot of talk about the potential decline of Bitcoin after reaching an all-time high of $73,000. With the Bitcoin Halving event on the horizon, many experts are predicting further drops in the price of BTC in the near future. One such expert is cryptocurrency trader and analyst Rekt Capital, who has shared his gloomy forecast with the crypto community.
According to Rekt Capital, Bitcoin is about to enter what he calls the “Danger Zone.” This zone is marked by significant retracements in the days leading up to the Bitcoin Halving event. In the past, these retracements have often resulted in substantial market corrections for the digital asset. Rekt Capital points out that historically, these retracements have occurred 14-28 days before the halving event. For example, in 2016, Bitcoin saw a pullback of about 40% before the halving, and in 2020, the price fell by over 40% as well.
Looking ahead, Rekt Capital predicts that Bitcoin could experience further declines in the coming weeks. Just 30 days away from this year’s halving, Bitcoin has already seen an 11% drop in price over the past week. This has led Rekt Capital to believe that BTC is on track to enter a phase of significant correction before the halving event takes place.
A Long-Term Outlook
In addition to his short-term predictions, Rekt Capital has also outlined a long-term forecast for Bitcoin. He believes that the asset will reach its peak within 280-350 days, potentially around mid-December of this year or mid-February of next year. This timeline aligns with several phases that Rekt Capital has identified for the upcoming Bitcoin Halving, including the Pre-Halving Rally, Final Pre-Halving Retrace, Re-accumulation, and Parabolic Uptrend.
The future of Bitcoin is uncertain, with experts like Rekt Capital predicting a potential decline in the price of the cryptocurrency. As the Bitcoin Halving event approaches, it will be interesting to see whether these forecasts come to fruition. Whether you are a seasoned investor or just starting out in the world of cryptocurrency, it is always important to conduct your own research and make informed investment decisions. Remember, investing carries risks, so proceed with caution.