2024

Bitcoin

Bull Market

Rekt

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) can experience a significant dip and still maintain its bull market trajectory.</li>
 <li>Historical patterns suggest Bitcoin often experiences near 40% pullbacks during bull markets.</li>
</ul>
<p>Despite a 10% dip in 24 hours, Bitcoin (BTC) can still maintain its bull market and historical performance. This is according to a recent price analysis of BTC/USD.</p>
<h2 id="bitcoin-s-bull-market-pullbacks">Bitcoin’s Bull Market Pullbacks</h2>
<p>The current bull run of Bitcoin remains intact, even amidst increased price volatility and 2021 all-time highs of $69,000. Longtime market participants agree that Bitcoin is still on the path to new macro highs.</p>
<p>Even if a deeper correction occurs from the current levels around $68,000, the bull market would still be intact. This is based on data from market analysis and charting platforms.</p>
<h2 id="upcoming-block-subsidy-halving">Upcoming Block Subsidy Halving</h2>
<p>A pseudonymous trader known as Bags has drawn attention to the upcoming block subsidy halving. He compared it to previous halving cycles, which all experienced major price pullbacks of nearly 40% before flipping into price discovery.</p>
<p>Bags calculated that a 38% dip from Bitcoin’s latest all-time highs would take the price down to $45.5K. When asked about the impact of inflows from U.S. spot Bitcoin exchange-traded funds (ETFs), Bags noted that each previous bull market had its own catalysts, but these did not prevent a drawdown.</p>
<p>Another trader and analyst, Rekt Capital, is also watching the price performance in relation to the halving. Despite Bitcoin hitting a new all-time high before its 2024 halving, he suggests that the timing is typical of bull market posturing.</p>
<p>Rekt Capital compared this year’s activity with the last halving year in 2020. He warned that Bitcoin is about to enter the riskiest part of the pre-halving phase, which he termed the “danger zone.” He noted that historically, Bitcoin has performed Pre-Halving Retraces 14-28 days before the Halving.</p>

Bitcoin’s Possible Plunge: Expert Analysis Predicts $45K for BTC Value

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