Bitcoin Analyst Issues Warning of Approaching “Danger Zone” Prior to Halving Event

Bitcoin Entering “Danger Zone” Before Halving, Analyst Warns
Crypto analyst Rekt Capital has issued a warning that Bitcoin is on the verge of entering the “Danger Zone” ahead of the highly-anticipated halving event. Historical data suggests that Bitcoin may experience significant pullbacks in the weeks leading up to the halving. This has sparked concerns among investors and analysts, especially as Bitcoin recently fell back to $64,533 after reaching a new all-time high. Rekt Capital highlights the pattern of pre-halving retraces in Bitcoin’s history, which typically occur 14-28 days before each halving and mark significant price corrections. In 2020, Bitcoin experienced a 20% retracement, while in 2016, it faced a more substantial 40% retracement. With the halving event just 32 days away, the current market movements are causing heightened concerns. Bitcoin saw an 11% pullback last week and is currently trading at $68,533. The coming days will be crucial in determining whether Bitcoin will follow historical patterns or chart a new course.