Bitcoin Price Prediction: As BTC Heads To Pre-Halving “Danger Zone,” The Green Bitcoin ICO Charges Towards $6 Million

The Bitcoin price rose 3.49% in the last 24 hours to trade at $68,266 as of 11:57 p.m. EST on trading volume that dropped 8% to $44 billion.

This comes as crypto analyst Rekt Capital said that Bitcoin could just be days away from entering the pre-halving “danger zone.” In an X post, the top analyst says that BTC will enter the “danger zone” in two days, where historical data suggests Bitcoin begins to fall.

#BTC

In 2 days, Bitcoin will officially enter the “Danger Zone” (orange) where historical Pre-Halving Retraces have begun

Historically, Bitcoin has performed Pre-Halving Retraces 14-28 days before the Halving

In 2020, this retrace was -20% deep

In 2016, this retrace was -40%… pic.twitter.com/rnKjznsGHk

— Rekt Capital (@rektcapital) March 17, 2024

The analysis mainly comes from past pre-halving events, where BTC dips 14 to 28 days before the halving event. BTC fell 40% during the 2016 halving and fell 20% in the 2020 event. Could this year’s halving event be different?

Bitcoin Price Set For A Rebound Over The Ascending Triangle

The Bitcoin price has been gaining massively since February, with the bullish stance able to push the price up in March to register a new all-time high at $73,737, which acted as the immediate resistance level.

After hitting the rejection, the BTC price retraced back to the support zone at $64,510, which the bulls seem to be using to rebound the price.

BTC is trading over the 200-day Simple Moving Averages (SMAs), which is a confirmation of the bullish trend. If the bulls sustain the bullish momentum, BTC will be able to overcome the 50-day SMA hurdle at the $70,018 level, pushing the price even higher.

Additionally, the RSI is below the 50-midline level at 48, which indicates that the price is slightly oversold.

The Moving Average Convergence Divergence (MACD) is also bullish, as the moving average line (blue) crosses above the signal line (orange), representing a bullish crossover. A bullish crossover is mostly used by investors to add to their buys, which could push the price even further.

Additionally, the Average Directional Index (ADX) is currently at 38, which may indicate that the current trend is very strong as the price aims to rebound.

Bitcoin Price Prediction

The Bitcoin price analysis shows signs of a bullish reversal to the upside, supported by the movements of the ADX and MACD lines. The bulls aim to sustain the bullish rally, driving the price over the ascending triangle as they aim for $81,110.

The RSI, having crossed below the 50-midline level to the oversold level, may show signs of a bullish trend reversal.

However, the MACD lines are trading below the neutral line, which may suggest that the price may be heading towards a further retrace, which could see the bulls use the $60,627 support zone as a cushion against downward pressure.

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