Crypto Analyst Predicts Bitcoin Rally Ahead of Halving, But Warns of Potential Dip

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Cointime2024/02/02 08:09

By:Cointime

Crypto analyst Rekt Capital predicts that Bitcoin will follow a 2016 pattern and rally ahead of the mid-April BTC halving, but warns of a potential nosedive in the near term due to the crypto king remaining in a re-accumulation range. The trader suggests that Bitcoin may rally to around $50,000 heading into the halving, but could dip and revisit the $38,000 level in the next two weeks. There remains a small chance that the re-accumulation range will break down, sending Bitcoin below $38,000, but the trader believes that as long as the range holds, Bitcoin will only experience a 21% retrace from the highs. The worst case scenario for a Bitcoin dip this cycle would be around $32,000.

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