Bitcoin is about to enter the pre-halving ‘danger zone’, but crypto CEOs remain bullish.
Bitcoin (BTC) may be just days away from entering a halving “danger zone” — the time it's been halved in history, according to analysts.
“In 2 days Bitcoin will officially enter the ‘danger zone' […] Where historic pre-half repeats have begun,” crypto analyst Rect Capital shared in a March 17 X post.
In the past, Bitcoin's price has halved within 14 to 28 days, according to Rect Capital. In the year After halving in 2016, Bitcoin is down 40% in that time, and by 2020, it's down 20%.
In January, Rect Capital predicted a “pre-halving rally” 60 days before the halving, followed by a “pre-halving” one to three weeks before the halving.
The prediction turned out to be correct, as Bitcoin surprised analysts when it started to rally in mid-February, and in March beat the previous cycle's all-time high of $68,990 – the first time Bitcoin had done so before the halving event. .
According to CoinMarketCap, the next halving is predicted on April 20 in less than 33 days. However, the price of Bitcoin fell by 8.5% according to Cointelegraph Markets Pro.
The bosses of Crypto.com and Binance are worried about Bitcoin.
Binance CEO Richard Teng told a crowd at an event in Bangkok on March 17 that he expects bitcoin to continue breaking records and top $80,000 by the end of the year, according to Bloomberg.
Teng said bitcoin is “just getting started” and pointed to a large allocation to institutional investors through the new US exchange-traded funds (ETFs) — $57 billion under management, according to Dune Analytics data.
The head of Binance predicted that Bitcoin will exceed $80,000 “by decreasing supply and demand will continue to come” but it will not be a “straight line” and price fluctuations will occur along the way.
Related: Why Bitcoin's Halving Matters in the Future of Decentralized Finance
Crypto.com founder and CEO Chris Marszalek told CNBC on March 15 that Bitcoin's recent price drop was a “healthy move, removing some of the leverage it had built up.”
In late 2020 and early 2021, bitcoin rose from under $20,000 to $60,000 in three months, and current volatility is “really low,” he said. [compared] It's what we've seen in previous cycles.
Marszalek expects to see a “stable increase” in Bitcoin's price, and “less sudden movements” because it's an asset “you want to hold for decades, not days or weeks.”
Magazine: Bitcoin Man, X Hall of Flame: China to fuel $1M Bitcoin bull run by 2028
