Bitcoin (BTC) enthusiasts and crypto analysts are once again buzzing with excitement as they anticipate a potentially explosive price surge following the cryptocurrency’s scheduled 2024 halving event.
Prominent crypto analyst Rekt Capital recently took to the social media platform X to share insights into Bitcoin’s future price trajectory. According to Rekt Capital, Bitcoin could embark on another parabolic rally, surging above $80,000 in the months that follow its next halving.
Understanding The Bitcoin Halving Event
For those new to the crypto space, the term “halving” refers to a fundamental aspect of Bitcoin’s protocol. Approximately every four years, the rate at which new Bitcoins are created is cut in half, effectively reducing the supply entering the market. This scarcity mechanism is often cited as a key driver of Bitcoin’s price appreciation. The upcoming halving is scheduled for April next year.
Hang in there and make the most of any deeper downside in this Pre-Halving period
You won’t want to miss out on the Post-Halving parabola$BTC #Crypto #Bitcoin pic.twitter.com/jH8HYGZ0cE
— Rekt Capital (@rektcapital) September 16, 2023
While Rekt Capital remains optimistic about Bitcoin’s long-term prospects, he acknowledges the possibility of a temporary downtrend before the halving event:
“Hang in there and make the most of any deeper downside in this pre-halving period. You won’t want to miss out on the post-halving parabola.”
He advises investors to stay patient during this pre-halving period, emphasizing the potential for significant gains once the halving takes place.
Echoes Of 2019 Bear Market Cycle
Rekt Capital draws parallels between Bitcoin’s current market dynamics and the 2019 bear market cycle. In 2019, Bitcoin traded within a triangle pattern before breaking out and commencing a remarkable bull market. This historical precedent fuels optimism that a similar pattern could unfold in the lead-up to the 2024 halving.
BTC market cap currently at $528 billion. Chart: TradingView.com
Meanwhile, another respected cryptocurrency analyst known as PlanB, or 100trillionUSD, reiterated an earlier prediction. PlanB suggests that Bitcoin’s halving event could catalyze a move above $32,000, with the 2025 bull market potentially culminating at $100,000 and beyond.
This prediction, shared in a recent X post, gains credibility from the fact that Bitcoin has already climbed from $18,000 to $27,000 since PlanB’s initial forecast earlier this year.
To be clear, I still stand by my January 12 prediction:
✅ Nov 2022 $15.5k was the bottom
✅ Bitcoin will rise towards 2024 halving. BTC already rose from $18k to $27k since Jan 12.
❓ 2024 halving will be >$32k ($32k-$66k IMO)
❓ 2025 bull market >$100k ($100k-$1m IMO) https://t.co/V74Y8VYCVo pic.twitter.com/VBjsHObMMl— PlanB (@100trillionUSD) September 18, 2023
Bitcoin is once again at the center of speculative fervor as crypto analysts weigh in on its future price trajectory. With the 2024 halving on the horizon, experts like Rekt Capital and PlanB anticipate significant price movements, setting the stage for potentially historic gains in the cryptocurrency market.
As of now, Bitcoin’s price hovers around $26,767, with a 24-hour gain of 0.3% and a seven-day rally of 6.5%. The crypto community eagerly awaits the next chapter in Bitcoin’s remarkable journey
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Business Insider