{"id":598458,"date":"2024-03-18T12:04:45","date_gmt":"2024-03-18T12:04:45","guid":{"rendered":"https:\/\/wncen.com\/?p=598458"},"modified":"2024-06-11T06:52:31","modified_gmt":"2024-06-11T06:52:31","slug":"bitcoin-approaches-risky-territory-as-halving-event-draws-near","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-approaches-risky-territory-as-halving-event-draws-near\/","title":{"rendered":"Bitcoin Approaches Risky Territory As Halving Event Draws Near"},"content":{"rendered":"

The <\/span>price of Bitcoin<\/span><\/a> has been on a downward trend since it reached a new all-time of $73,000, ushering in a wave of speculations regarding the crypto asset’s next direction in the short term.<\/span><\/p>\n

In the past few days, Bitcoin’s recent dip has triggered a general crypto market retracement. With the Bitcoin Halving event fast approaching, many crypto analysts are anticipating a further decline in BTC’s price in the near future.<\/span><\/p>\n

Bitcoin Poised For “Danger Zone” Ahead Of Halving Event<\/span><\/h2>\n

Popular cryptocurrency trader and analyst Rekt Capital has <\/span>shared<\/span><\/a> a gloomy prediction for Bitcoin with the crypto community on the social media platform X. His forecast examines BTC’s potential to drop even further prior to the halving event while noting the entrance to a risky area he dubbed the “Danger Zone.”<\/span><\/p>\n

Related Reading: Post-Halving Pressure: Marathon Digital Anticipates Bitcoin Break-Even Price Of $43,000<\/a><\/div>\n

The analyst’s forecast came in light of BTC experiencing a notable decline in the past few days. According to the expert, two days from now, Bitcoin will formally venture into the danger Zone (orange).\u00a0<\/span><\/p>\n

This is the starting area of past retracements seen ahead of the BTC Halving, which is expected to take place in April. Prior to the halving, these retracements have constantly indicated intervals of substantial market corrections for the digital asset.\u00a0<\/span><\/p>\n

\"Bitcoin\"
BTC approaching a “Danger zone” | Source: Rekt Capital on X<\/a><\/figcaption><\/figure>\n

Rekt Capital further pointed out that the pre-halving retracements have historically been observed in BTC 14-28 days before the event. Bitcoin’s price witnessed a pullback of about 40% in advance of the 2016 halving occurrence.\u00a0<\/span><\/p>\n

Meanwhile, in 2020, the crypto asset fell by over 40% before the occasion. Presently, we are less than 30 days before this year’s <\/span>BTC halving<\/span><\/a> takes place; however, the price of the coin has declined by over 11% in the past week, suggesting further correction in the coming weeks.\u00a0<\/span><\/p>\n

The post read:<\/span><\/p>\n

In 2 days, Bitcoin will officially enter the “Danger Zone” (orange) where historical Pre-Halving Retraces have begun. Historically, Bitcoin has performed Pre-Halving Retraces 14-28 days before the Halving. In 2020, this retrace was -20% deep, and in 2016, this retrace was -40% deep. Currently, BTC is 30 days away from the Halving and has pulled back -11% this week.<\/span><\/p><\/blockquote>\n

It is noteworthy that the crypto analyst had previously pinpointed<\/a> the timeframe <\/span>BTC<\/span> is expected to top out in this bull cycle. Rekt Capital believes the asset will peak within 280-350 days. Specifically, this could occur around mid-December this year, or in mid-February of next year.<\/span><\/p>\n

4 Distinct Halving Phases<\/span><\/h2>\n

So far, the crypto analyst has <\/span>highlighted<\/span><\/a> several different phases for the upcoming Bitcoin Halving; these include the Pre-Halving Rally, Final Pre-Halving Retrace, Re-accumulation, and Parabolic uptrend.<\/span><\/p>\n

Related Reading: Bitcoin Crosses $59,000 In Surprise Pre-Halving Rally<\/a><\/div>\n

According to Rekt Capital, there usually is a <\/span>pre-halving rally<\/span><\/a> approximately 60 days before the event takes place. For the final pre-halving retrace, it usually develops around 14 to 28 days ahead.<\/span><\/p>\n

Furthermore, after the Pre-Halving pullback, a multi-month re-accumulation period follows. Lastly, the parabolic uptrend begins once Bitcoin exits the area of re-accumulation.<\/span><\/p>\n

\"Bitcoin\"
BTC trading at $68,369 on the 1D chart | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin has been on a downward trend since it reached a new all-time of $73,000, ushering in a wave of speculations regarding the crypto asset’s next direction in the short term. In the past few days, Bitcoin’s recent dip has triggered a general crypto market retracement. With the Bitcoin Halving event fast approaching, many crypto analysts are anticipating a further decline in BTC’s price in the near future. Bitcoin Poised For “Danger Zone” Ahead Of Halving Event Popular cryptocurrency trader and analyst Rekt Capital has shared a gloomy prediction for Bitcoin with the crypto community on the social media platform X. His forecast examines BTC’s potential to drop even further prior to the halving event while noting the entrance to a risky area he dubbed the “Danger Zone.” Related Reading: Post-Halving Pressure: Marathon Digital Anticipates Bitcoin Break-Even Price Of $43,000 The analyst’s forecast came in light of BTC experiencing a notable decline in the past few days. According to the expert, two days from now, Bitcoin will formally venture into the danger Zone (orange).\u00a0 This is the starting area of past retracements seen ahead of the BTC Halving, which is expected to take place in April. Prior to the halving, these retracements have constantly indicated intervals of substantial market corrections for the digital asset.\u00a0 Rekt Capital further pointed out that the pre-halving retracements have historically been observed in BTC 14-28 days before the event. Bitcoin’s price witnessed a pullback of about 40% in advance of the 2016 halving occurrence.\u00a0 Meanwhile, in 2020, the crypto asset fell by over 40% before the occasion. Presently, we are less than 30 days before this year’s BTC halving takes place; however, the price of the coin has declined by over 11% in the past week, suggesting further correction in the coming weeks.\u00a0 The post read: In 2 days, Bitcoin will officially enter the “Danger Zone” (orange) where historical Pre-Halving Retraces have begun. Historically, Bitcoin has performed Pre-Halving Retraces 14-28 days before the Halving. In 2020, this retrace was -20% deep, and in 2016, this retrace was -40% deep. Currently, BTC is 30 days away from the Halving and has pulled back -11% this week. It is noteworthy that the crypto analyst had previously pinpointed the timeframe BTC is expected to top out in this bull cycle. Rekt Capital believes the asset will peak within 280-350 days. Specifically, this could occur around mid-December this year, or in mid-February of next year. 4 Distinct Halving Phases So far, the crypto analyst has highlighted several different phases for the upcoming Bitcoin Halving; these include the Pre-Halving Rally, Final Pre-Halving Retrace, Re-accumulation, and Parabolic uptrend. Related Reading: Bitcoin Crosses $59,000 In Surprise Pre-Halving Rally According to Rekt Capital, there usually is a pre-halving rally approximately 60 days before the event takes place. For the final pre-halving retrace, it usually develops around 14 to 28 days ahead. Furthermore, after the Pre-Halving pullback, a multi-month re-accumulation period follows. Lastly, the parabolic uptrend begins once Bitcoin exits the area of re-accumulation. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":565555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8856,1119,1144,78790,91868,91870,91813,91869,69575],"class_list":["post-598458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-halving","tag-btc","tag-btcusd","tag-btcusdt","tag-final-pre-halving-retrace","tag-parabolic-uptrend","tag-pre-halving-rally","tag-re-accumulation","tag-rekt-capital"],"acf":[],"yoast_head":"\nBitcoin Approaches Risky Territory As Halving Event Draws Near<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin has been on a downward trend since it reached a new all-time of $73,000, ushering in a wave of pessimistic speculations.\" 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I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They\u2019ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won\u2019t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I\u2019m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. I aspire to be a boss someday, having people work under me just as I\u2019ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.","sameAs":["https:\/\/x.com\/NFTwerey"],"url":"https:\/\/wncen.com\/author\/godspowerowie\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Approaches Risky Territory As Halving Event Draws Near","url":"http:\/\/wncen.com\/news\/bitcoin-approaches-risky-territory-as-halving-event-draws-near\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-approaches-risky-territory-as-halving-event-draws-near\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1248674191.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1248674191.jpg?fit=2120%2C1415"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Godspower Owie"}],"creator":["Godspower Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin halving","btc","btcusd","btcusdt","final pre-halving retrace","parabolic uptrend","pre-halving rally","re-accumulation","rekt capital"],"dateCreated":"2024-03-18T12:04:45Z","datePublished":"2024-03-18T12:04:45Z","dateModified":"2024-06-11T06:52:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Approaches Risky Territory As Halving Event Draws Near\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-approaches-risky-territory-as-halving-event-draws-near\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-approaches-risky-territory-as-halving-event-draws-near\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/iStock-1248674191.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/iStock-1248674191.jpg?fit=2120%2C1415\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Godspower Owie\"}],\"creator\":[\"Godspower Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin halving\",\"btc\",\"btcusd\",\"btcusdt\",\"final pre-halving retrace\",\"parabolic uptrend\",\"pre-halving rally\",\"re-accumulation\",\"rekt capital\"],\"dateCreated\":\"2024-03-18T12:04:45Z\",\"datePublished\":\"2024-03-18T12:04:45Z\",\"dateModified\":\"2024-06-11T06:52:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1248674191.jpg?fit=2120%2C1415","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/598458"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/608"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=598458"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/598458\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/565555"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=598458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=598458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=598458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}