Bitcoin (BTC) may soon enter a critical phase known as the “Danger Zone” before its halving, a time when its price has historically declined, according to an analyst. Rekt Capital, a crypto analyst, stated in a post on March 17 that in the past, Bitcoin’s price has dropped between 14 and 28 days leading up to its halving. During the 2016 halving, Bitcoin fell by 40% during this period, and in 2020, it fell by 20%. Rekt Capital also provided a graph highlighting the pre-halving price retracement zones and post-halving price booms.
Back in January, Rekt Capital accurately predicted a “pre-halving rally” approximately 60 days before the halving, followed by a “pre-halving retrace” one to three weeks before the event. Bitcoin indeed experienced a surge in mid-February, surpassing its previous all-time high of $68,990 and reaching a new record before a halving event. The next halving is expected to take place in about 33 days, on April 20, according to CoinMarketCap. However, Bitcoin’s price has already dropped by 8.5% since its all-time high on March 14, currently standing at $67,537.
CEOs of Crypto.com and Binance both expressed bullish sentiments towards Bitcoin. Binance CEO Richard Teng stated at an event in Bangkok on March 17 that he believes Bitcoin will continue to break records and surpass $80,000 by the end of the year. He pointed to institutional investors’ significant investments in Bitcoin through new US exchange-traded funds as evidence of its potential. Kris Marszalek, the co-founder and CEO of Crypto.com, also spoke positively about Bitcoin, describing the recent price drop as a healthy correction. He expects a steady increase in Bitcoin’s price and emphasized the importance of holding the asset for the long term.
In related news, an article titled “The Bitcoin Man, X Hall of Flame: China will intensify Bitcoin bull run, $1M by 2028” was published in a magazine, suggesting that China will contribute to a significant increase in Bitcoin’s value, potentially reaching $1 million by 2028.