Bank AI

Bitcoin

Opus

<div class="finbold">
 <p class="paragraph">Bitcoin (BTC) is currently navigating volatile waters, hovering below the $70,000 mark, with analysts highlighting parallels between the current price movement and historical patterns observed before halving events.</p>
 <p class="paragraph">Notably, the market is anticipating the upcoming halving event, widely regarded as a bullish signal for Bitcoin’s long-term prospects.&nbsp;</p>
 <p class="paragraph">In terms of the anticipated price trajectory, crypto analyst <em>Rekt Capital</em> cautioned investors to brace for potential extended losses in the coming weeks, as indicated in a post on X (formerly Twitter) on March 17.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    What will Bank of England’s rate decision be this week? <span class="self-center text-xs text-slate-500">41 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    DeFi volume growth resembles 2021’s bull market <span class="self-center text-xs text-slate-500">3 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Buy signal for 2 strong cryptocurrencies this week <span class="self-center text-xs text-slate-500">5 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Claude Opus AI predicts XRP price for the end of 2024 <span class="self-center text-xs text-slate-500">23 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="680" height="456" src="https://cdn.thebittimes.com/images/2024/03/17/bc707c3513c2b4ceacbd086e745e47b1.webp" alt class="wp-image-161750" srcset="https://cdn.thebittimes.com/images/2024/03/17/bc707c3513c2b4ceacbd086e745e47b1.webp 680w, https://cdn.thebittimes.com/images/2024/03/17/bc707c3513c2b4ceacbd086e745e47b1.webp 300w" sizes="(max-width: 680px) 100vw, 680px">
  <figcaption class="wp-element-caption"><em>Bitcoin price <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">According to the analyst, Bitcoin is on the verge of entering what he termed the “<a rel="noopener noreferrer nofollow" title="danger" href="https://thebittimes.com/tag/danger.html">danger</a> zone,” historically marked by significant price retracements before halving events.</p>
 <p class="paragraph">The <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> indicates that Bitcoin typically experiences what is termed “pre-halving retraces” days before the actual halving occurs. These retracements have been observed to range from moderate to severe dips in price.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“In 3 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,” he said.&nbsp;</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-bitcoin-s-pre-halving-retracement-nbsp">Bitcoin’s pre-halving retracement&nbsp;</h2>
 <p class="paragraph">Specifically, <em>Rekt Capital</em> noted that in 2020, the retracement observed was around 20%, while in the lead-up to the 2016 halving, Bitcoin saw a more substantial retracement of approximately 40%. At the moment, with about 31 days to the halving, Bitcoin has retraced almost 10% from the all-time high.&nbsp;</p>
 <p class="paragraph">Despite Bitcoin falling from its all-time high, the asset remains over 50% up on a year-to-date basis. Indeed, market uncertainty has escalated, considering that Bitcoin hit a new all-time high before the halving event. Historically, the maiden cryptocurrency has registered record highs after the bullish event.</p>
 <p class="paragraph">Currently, Bitcoin has dropped from its all-time high, with investors taking profits. Additionally, the asset has also been impacted after another upside surprise on U.S. inflation dimmed prospects of early rate cuts and dented demand for riskier assets.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">By press time, Bitcoin was trading at $67,287 with daily losses of almost 1%. Over the last seven days, BTC is down 3%.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/03/17/a320e29cf70506f42594430c19f24979.webp" alt class="wp-image-161751" srcset="https://cdn.thebittimes.com/images/2024/03/17/a320e29cf70506f42594430c19f24979.webp 675w, https://cdn.thebittimes.com/images/2024/03/17/a320e29cf70506f42594430c19f24979.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">In the meantime, a section of the market believes that Bitcoin’s volatility should not be of concern as the asset matures. In this case, some analysts opine that the advent of the Bitcoin spot exchange-traded fund (ETF) could, in theory, help reduce volatility.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-on-the-cusp-of-hitting-the-danger-zone-here-s-why-tbt82779.html">https://thebittimes.com/bitcoin-on-the-cusp-of-hitting-the-danger-zone-here-s-why-tbt82779.html</a></p>

Bitcoin on the cusp of hitting the danger zone; Here’s why

Table of Contents

TheBitTimes

Other articles published on Mar 17, 2024

SOL gains momentum as new altcoins enter the market

Bitcoin market correction is just getting started – Fed rate outlook in sight

Weekly Round-Up #93 | Bringing you up to speed with the top stuff!

Sam Bankman Should be In Jail Till 80 – US Prosecutors

Bitcoin (BTC) Hits $73K; NuggetRush (NUGX): Challenging Shiba Inu (SHIB) Meme Legacy

Kelexo (KLXO) Presale Lures Litecoin (LTC) Investors Amid Bitcoin (BTC) Breaking All-Time Highs $73K

Join our free newsletter for daily crypto updates!