Bitcoin’s Price May Fall Before April Halving
Rekt Capital, a well-known figure in the cryptocurrency sphere, has provided insights into the trajectory of the Bitcoin price leading up to the upcoming BTC halving event.
According to his analysis, the upcoming correction is poised to be “Bitcoin’s last correction before the halving event.”
He stressed that based on historical trends, this pullback is expected to materialize around the end of March or April 2024.
The cryptocurrency community is looking forward to the halving event, considering it a bullish catalyst that historically boosts the price of BTC significantly. These events, which occur roughly every four years, aim to maintain scarcity and the value of Bitcoin by reducing the rate at which new units of BTC are mined, thereby controlling inflation.
The upcoming halving event will see miners’ rewards for mined blocks reduced from 6.25 BTC to 3.125 BTC once the number of blocks reaches 840,000, which is expected to happen around April 2024.
Despite the potential for a pre-halving retreat, many crypto enthusiasts remain optimistic about Bitcoin’s short-term prospects. Ali Martinez, another respected voice in the crypto space, recently shared an optimistic outlook on BTC, suggesting that it could overcome skepticism surrounding the digital asset.
Martinez highlighted solid support levels that could potentially lead to BTC overcoming resistance, with a projected price target of $57,000. However, he also foresees a correction before BTC reaches that target.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Arrested Samourai Wallet co-founder to be released on bail, will contest charges
Quick Take William Lonergan Hill, also known as TDev, has been granted bail by the U.S. government, according to a recent court filing. Hill, one of two founders of Samourai Wallet, which included a mixing feature that helped anonymize bitcoin transactions, was arrested in April on federal charges related to money laundering. Hill’s first court appearance is scheduled for this upcoming week, and according to the filing, Hill plans on contesting the charges.
