Following a period of strong bullish movement, Bitcoin (BTC) fell below $61K, a correction that analysts viewed as necessary before the upcoming halving.
Recent reports showed a loss of over $220 billion in two days, affecting altcoins like Solana (SOL), Dogecoin (DOGE), and Ripple (XRP) the most. However, the market trend shifted after the latest US Federal Open Market Committee (FOMC) meeting.
The Potential Post-Halving Returns for BTC
Analyst Rekt Capital highlighted that BTC has entered the “Danger Zone,” typically signaling a retracement phase before the halving event.
With the Bitcoin halving approaching, where mining rewards will be halved, miners may face increased operational challenges and network competition. Analysts are anticipating a post-halving surge that could drive BTC prices to new records.
Technical analyst Trader Tardigrade mentioned historical post-halving returns of 9,000%, 4,000%, and 700%. Based on this trend, the upcoming fourth halving could yield a 200% return, potentially pushing BTC price to around $200K.
#Bitcoin will establish a significant level, known as the “Never Come Back Line,” in the coming month.
Following this, $BTC may not retreat indefinitely.
Expect a “Post Halving Rally” after April 2024, historically with returns of +9000%, +4000%, and +700% in previous halvings. pic.twitter.com/1eEEtsarOb
— Trader Tardigrade (@TATrader_Alan) March 19, 2024
Future Outlook for BTC
Bitcoin and other cryptocurrencies have largely recovered from recent losses, yet concerns loom about potential further corrections, prompting some to question the sustainability of the bull market. Analysts advise maintaining a level-headed approach during market fluctuations.
According to CryptoCon, BTC is currently encountering resistance at $69K. Notably, the monthly Relative Vigor Index (RVI) for BTC surpassed a .21 value, historically signaling a forthcoming cycle top approximately ten months later, possibly in December of this year.
“Corrections mitigate the risk of unsustainable price surges that could lead to a challenging double top scenario. Bitcoin’s behavior is closely tied to data, whether the current market cycle accelerates or not.”
#Bitcoin is currently facing resistance at all-time highs (69k), a natural market phenomenon.
While our current cycle shows signs of heating up, it may not have run its full course yet.
The Monthly Relative Vigor Index has crossed a .21 value, historically indicating a cycle peak occurs in 10 months, possibly in December… pic.twitter.com/kPC7zUTEID
— CryptoCon (@CryptoCon_) March 19, 2024
Image Source: Andreanicolini @ShutterStock
