- Crypto Trader observes a retracement pattern 180 days before halving.
- The 2016 spike seems to be greater than the 2020 spike, the 2024 spike could be lesser.
- BTC has made higher lows since the beginning of 2023 and may reach more than $31.5K.
Crypto Trader and Analyst Rekt Capital tweeted that BTC could go through a period of retracement soon. As such, the analyst expects it to retrace by -30% whereby BTC could reach somewhere as low as $20,000.
The analyst supplemented this notion by considering the pre-halving phase, where BTC retraced by -25 in 2015/2016 and -38 in 2019. In particular, BTC was retracing 180 days prior to BTC halving, hence, as there are approximately 180 days for BTC halving from now, the analyst put forward his prediction.
#BTCBitcoin is ~180 days away from its Bitcoin Halving
At this point in the cycle, Bitcoin retraced -25% in 2015/2016 and -38% in 2019
History suggests a retrace is possible
A -30% retrace from current prices would see Bitcoin drop to ~$20,000$BTC #Crypto #Bitcoin pic.twitter.com/B3ROO6FJEr
— Rekt Capital (@rektcapital) October 17, 2023
When comparing the spike after BTC halving in 2016 with 2020, there is a consid…
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