Bitcoin

Rekt (rektarb.xyz)

Rekt

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) could be just days away from entering a pre-halving “danger zone” — a time when its price has historically dropped in the lead-up to its halving, according to an analyst.
“In 2 days, Bitcoin will officially enter the ‘Danger Zone’ [...] where historical pre-halving retraces have begun,” crypto analyst Rekt Capital shared in a March 17 X <a href="https://twitter.com/rektcapital/status/1769465412322766993" target="_blank" rel="noopener noreferrer nofollow">post</a>.
In the past, Bitcoin’s price has dipped in the 14 to 28 days leading up to <a href="https://cointelegraph.com/learn/bitcoin-halving-how-does-the-halving-cycle-work-and-why-does-it-matter" rel="noopener noreferrer nofollow">its halving</a>, Rekt Capital explained. During the 2016 halving, Bitcoin fell 40% during that time, and in 2020, it fell&nbsp;20%.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/e8b0c6cf-fa0f-468a-a83a-facacf4f6302.png">
 <figcaption style="text-align: center;">Red highlights show pre-halving price retracement zones, with green highlights the post-halving price booms. Source: <a href="https://twitter.com/rektcapital/status/1769465412322766993" target="_blank" rel="noopener noreferrer nofollow">Rekt Capital on X</a>
 </figcaption>
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In January, Rekt Capital predicted a “pre-halving rally” would occur <a href="https://cointelegraph.com/news/one-last-chance-buy-bitcoin-bargain-prices-rekt-capital" rel="noopener noreferrer nofollow">roughly 60 days</a> before the halving, followed by a “pre-halving retrace” around one to three weeks before the halving.
The prediction turned out to be right, as Bitcoin started to surge in mid-February, and further&nbsp;<a href="https://cointelegraph.com/news/bitcoin-price-unlikely-to-hit-all-time-high-before-the-halving-here-is-why" rel="noopener noreferrer nofollow">surprised analysts</a> in March when it <a href="https://cointelegraph.com/news/btc-price-corrects-bitcoin-pre-halving-all-time-high" rel="noopener noreferrer nofollow">beat its previous cycle’s</a> all-time high of $68,990 — marking the first time Bitcoin has ever done so before a halving event.
The next halving is forecast in just under 33 days, on April 20, <a href="https://coinmarketcap.com/events/bitcoin-halving/" target="_blank" rel="noopener noreferrer nofollow">according</a> to CoinMarketCap. However, the price of Bitcoin has <a href="https://cointelegraph.com/news/bitcoin-price-drops-9-percent-ath-market-shows-signs-overheated" rel="noopener noreferrer nofollow">already fallen</a> 8.5% from its March 14 all-time high of $73,835 to its current price of $67,537, per Cointelegraph <a href="https://pro.cointelegraph.com/coins/bitcoin" rel="noopener noreferrer nofollow">Markets Pro</a>.
<h2 id="crypto-com-and-binance-bosses-bullish-on-bitcoin">Crypto.com and Binance bosses bullish on Bitcoin</h2>
Binance CEO Richard Teng told a crowd at an event in Bangkok on March 17 that he expects Bitcoin will continue to break records and climb past $80,000 by the end of the year, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-03-17/binance-ceo-teng-sees-bitcoin-topping-80-000-on-etf-inflows" target="_blank" rel="noopener noreferrer nofollow">reported</a>.
Teng claimed Bitcoin is “just getting started” and pointed to institutional investors’ large allocations to the cryptocurrency through the new United States exchange-traded funds (ETFs) — which have $57 billion under management, according to Dune Analytics <a href="https://dune.com/queries/3425943/5752820" target="_blank" rel="noopener noreferrer nofollow">data</a>.
The Binance boss said he predicts Bitcoin will surpass $80,000 “with supply reducing and demand continuing to come through,” but it won’t be a “straight line” and price fluctuations will happen along the way.
Related: <a href="https://cointelegraph.com/news/why-bitcoin-halving-matters-future-decentralized-finance" rel="noopener noreferrer nofollow">Why the Bitcoin halving matters for the future of decentralized finance</a>
Crypto.com co-founder and CEO Kris Marszalek <a href="https://www.youtube.com/watch?v=u3KArEgmqFw" target="_blank" rel="noopener noreferrer nofollow">told</a> CNBC on March 15 that Bitcoin’s recent price drop was a “healthy move, removing some of the leverage that built up.”
He added his exchange is seeing Bitcoin is on an upswing it last saw in late 2020 and early 2021, when it rallied from under $20,000 to over $60,000 in just over three months and said the current volatility is “actually pretty low [compared] to what we’ve seen in previous cycles.”
Marszalek expected to see a “steady ramp-up” in Bitcoin’s price, and it would see “less sudden moves” as it’s an asset “you want to hold for decades, not for days or weeks.”
Magazine: <a href="https://cointelegraph.com/magazine/crypto-bull-run-china-bitcoin-herbert-sim-hall-of-flame/" rel="noopener noreferrer nofollow">The Bitcoin Man, X Hall of Flame: China will intensify Bitcoin bull run, $1M by 2028</a>

Bitcoin to enter pre-halving ’danger zone,’ but crypto CEOs remain bullish

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