Bitcoin's Price Outlook: Danger Zone or Blast Off?
Bitcoin is currently approaching the "danger zone" as it hovers below $70,000, with analysts drawing parallels between its current price movement and historical patterns before halving events. The market anticipates the upcoming halving event as a bullish signal for Bitcoin's long-term prospects, but crypto analyst Rekt Capital warns of potential extended losses in the coming weeks. Historical data shows that Bitcoin typically experiences significant price retracements before halving events, with the current retracement at almost 10% from its all-time high. Despite this, Bitcoin remains over 50% up on a year-to-date basis, but market uncertainty has escalated due to recent events impacting the asset.