A widely followed crypto trader is warning that Bitcoin (BTC<\/a>) could witness a dramatic correction around the next halving event in 2024.<\/p>\n Crypto analyst Rekt Capital tells<\/a> his 370,300 followers on the social media platform X that Bitcoin could repeat a 2016 price pattern and decline by 40% after a pre-halving rally.<\/p>\n The next halving event is expected in April 2024, when miners\u2019 rewards are cut in half. A 40% decline from Bitcoin\u2019s current value is about $22,500, though the price of BTC could be much higher by April of next year.<\/p>\n \u201cBitcoin could potentially see a retrace around a halving event of up to 40%. We\u2019re going to be focusing specifically on this [2016] pre-halving retrace period. <\/em><\/p>\n This is where Bitcoin was consolidating for a substantial amount of time in preparation for this light blue pre-halving rally to new yearly highs and then after we formed those new yearly highs, Bitcoin actually retraced the minus 40%. <\/em><\/p>\n A fair portion of that retrace came in the form of a downside wick and if you think about this downside wick, that retested the very top of this pre-accumulation range right over here, but occurred only a handful of weeks before the halving event offering a discount on Bitcoin. <\/em><\/p>\n 40% isn\u2019t always the case, but this is probably the worst-case scenario for Bitcoin. So if you see a range like this form in this cycle, for instance, then rest assured we\u2019ll probably see a retest of that range.\u201d<\/em><\/p>\n Bitcoin is trading for $37,341 at time of writing.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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