After weeks of nonstop bullish momentum, Bitcoin (BTC) retraced below $61K, a correction many analysts deemed necessary before the halving.
As CryptoPotato reported, over $220 billion were lost in just two days, with altcoins like Solana (SOL), Dogecoin (DOGE), and Ripple (XRP) suffering the most. However, the trend changed in the following hours, especially after the latest US FOMC meeting.
The Possible Post-Halving Returns for BTC
According to analyst Rekt Capital, BTC has officially entered the “Danger Zone,” a period in which retraces usually begin before the pre-halving.
The Bitcoin halving is nearing, an event in which BTC rewards for miners will be cut in half. This will pressure miners to sustain operations and face stiffer competition on the network. Analysts are pointing out a post-halving rally, which could bring the price of BTC to new heights.
According to technical analyst Trader Tardigrade, previous returns post-halving marked increases of 9,000%, 4,000%, and 700%. In theory, this upcoming (and fourth halving) would provide a return of 200%, placing the price of BTC at around $200K.
#Bitcoin will mark a significant level- Neve come back line- in next month.🚨
After this line has been defined, $BTC wouldn’t come back forever. 🔥
There will be a “Post Halving Rally”🚀 after April 2024.
The return were +9000%, +4000% and +700% in previous halvings. pic.twitter.com/1eEEtsarOb— Trader Tardigrade (@TATrader_Alan) March 19, 2024
What’s Next For BTC?
Bitcoin and altcoins have recovered most of the recent losses, but the crypto community is worried about further corrections, and some skeptics have called for the “end of the bull run.” However, analysts recommend users keep a cool head during corrections.
According to CryptoCon, Bitcoin is facing resistance at $69K. The analyst spotted that the monthly Relative Vigor Index (RVI) on BTC crossed a .21 value, which in the past marked a cycle top that comes around ten months forward – which would be December of this year.
“Corrections reduce the risk of parabolic price action, that could bring a double top which is tricky to navigate. Bitcoin continues to respect data whether this cycle is accelerated or not.”
#Bitcoin is facing resistance for the first time in a while at ATHs (69k), which is completely natural.
Our cycle is heating up, but it is not over.
The Monthly Relative Vigor Index has crossed a .21 value, which in the past has marked a cycle top to come in 10 Months, December… pic.twitter.com/kPC7zUTEID
— CryptoCon (@CryptoCon_) March 19, 2024
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