- The latest Bitcoin news suggests a continuation of a long-term bull trend, but the short-term situation remains uncertain. The cryptocurrency is still trading in a narrow range.
- An analyst believes that BTC could exhibit a similar price movement as it approaches the current channel’s peak. In this scenario, in line with Bitcoin’s behavior before the halving, the cryptocurrency could revisit its lowest levels.
- The analyst also shared more positive Bitcoin news. First, Rekt Capital thinks that Bitcoin could offer a “historic pullback” to levels around $20,000 within the next six months.
Could Bitcoin revisit the $20,000 level before the Halving event in 2024? Famous analyst evaluates the possibility.
What’s the Situation for Bitcoin? Could the Decline Deepen?
The latest Bitcoin news suggests a continuation of a long-term bull trend, but the short-term situation remains uncertain. The cryptocurrency is still trading in a narrow range, but increased volatility has been observed.
At the time of writing, Bitcoin is trading at around $27,930 with a 2% gain in the past 24 hours. Over the past seven days, the cryptocurrency, along with most tokens in the top 10, has traded in the red after experiencing a slight increase in value.
The big picture for Bitcoin is tilting upward, driven by momentum from the approval of a BTC spot Exchange Traded Fund (ETF) in the United States. However, analyst Rekt Capital believes that current prices are similar to those at the end of 2019 and the beginning of 2020.
At that time, Bitcoin’s price was following an upward trend within a narrow triangle that formed a peak at around $10,000. The cryptocurrency eventually broke through this resistance and entered uncharted territory. This scenario presents some obstacles for optimistic investors. Before the breakout, Bitcoin’s price visited lower levels and even dropped below the critical support level of $3,250.
The analyst believes that BTC could exhibit a similar price movement as it approaches the current channel’s peak. In this scenario, in line with Bitcoin’s behavior before the halving, the cryptocurrency could revisit its lowest levels. Consequently, there is a high likelihood of a return to $20,000 or even $15,000. The analyst stated:
“There’s something about the current prices right now. There is a risk for it to represent the high for 2023. But after the Halving, these prices would entirely represent the same prices. They would represent the pre-liftoff accumulation range, and then they would ignite a jump into Parabolic Advance.”
There’s Still Hope for BTC Price
As mentioned, this scenario could indicate short-term losses for BTC, but the analyst shared more positive Bitcoin news. First, Rekt Capital thinks that Bitcoin could offer a “historic pullback” to levels around $20,000 within the next six months.
As the market approaches this event, the likelihood of a bullish trend in Bitcoin’s price increases, potentially leading to a stronger return to previous highs and maybe uncharted territories. The analyst concluded:
“The next six months could likely present the final pullback to low $20,000s. And with 2 months left until Halving, we expect a large volatility range both down and up between now and Halving.”
