{"id":265640,"date":"2024-03-15T20:29:34","date_gmt":"2024-03-15T14:59:34","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=265640"},"modified":"2024-03-15T20:29:34","modified_gmt":"2024-03-15T14:59:34","slug":"historical-pattern-suggests-bitcoins-on-the-cusp-of-entering-the-danger-zone-according-to-crypto-analyst-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/historical-pattern-suggests-bitcoins-on-the-cusp-of-entering-the-danger-zone-according-to-crypto-analyst-crypto-news\/","title":{"rendered":"Historical Pattern Suggests Bitcoin\u2019s on the Cusp of Entering the \u2018Danger Zone\u2019, According to Crypto Analyst – Crypto News"},"content":{"rendered":"

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A closely followed crypto analyst says that Bitcoin (BTC<\/a>) is about to enter a phase of the market cycle that historically sees massive price corrections.<\/p>\n

In a new video update, pseudonymous strategist Rekt Capital tells<\/a> his 65,500 YouTube subscribers that Bitcoin is only a week away from entering a \u201ctheoretical technical danger zone\u201d that in the past caused it to dip by up to 30%.<\/p>\n

The trader\u2019s so-called \u201cdanger zone\u201d is a weeks-long period of time before the halving event, when miners\u2019 rewards are cut in half. As of March 14th, the halving event is about 35 days away.<\/p>\n

\u201cWe are a week away from entering the theoretical technical \u2018danger zone\u2019 for the beginning of a pullback and pullbacks have been 22% to 30%.\u201d<\/em><\/p>\n

Source: Rekt Capital\/YouTube<\/figcaption><\/figure>\n

The trader says that in the prior two cycles, Bitcoin corrected two or four weeks before its halving event, which comes around every four years.<\/p>\n

\u201cBased on the 2020 cycle here, we have a 20% pullback occurring approximately two weeks before the halving event. And in 2016, we had a 29% pullback occurring approximately 28 days before the halving event. <\/em><\/p>\n

It\u2019s approximately 35 days away from the halving event.\u201d<\/em><\/p>\n

The trader also says that since we haven\u2019t witnessed a 30% pullback during the current cycle, investors should be weary that it is a possibility before the halving.<\/p>\n

\u201cSo if we\u2019ve seen a 20% pullback around the halving event in 2020, then maybe something around 20% could occur also around this halving. We saw last week a 14% dip, and in January, [a] minus 18% pullback\u2026\u00a0 <\/em><\/p>\n

Why couldn\u2019t we see a 20% pullback, at the worst 25%, 30%? And bear in mind we haven\u2019t seen a 30% pullback in this cycle\u2026 <\/em>So is it possible? Definitely it is.\u201d<\/em><\/p>\n

Bitcoin is trading for $71,882 at time of writing, down slightly in the last 24 hours.<\/p>\n