Analysis: Bitcoin Halving 2024 - Pre-Halving Prices Drop, $55,000 Breakout Predicted, and Market Correction Expected.

Analysis: Bitcoin Halving 2024 - Pre-Halving Prices Drop, $55,000 Breakout Predicted, and Market Correction Expected.

The Bitcoin Halving and Pre-Halving Prices

The next Bitcoin halving is scheduled for April 2024, a significant event in which miners' rewards will be halved. Historical data shows that Bitcoin tends to experience lower prices before halving. Both pre-halving prices and old all-time highs were lower than post-halving prices.

Breakthrough $55,000 in the months following the halving

Based on past patterns, one analyst is confident that Bitcoin will break $55,000 in the immediate months following the halving. Previous halvings have shown prices rising above the greatest resistance ever.

Market correction expected

An analyst expects a market correction for Bitcoin in the near future. Despite BTC's recent upward move, a mini-parabola continues to act as resistance. The analyst has identified the $29,887 level as crucial support. If Bitcoin loses support at this level, it could fall to $29,225. At the time of writing, Bitcoin is currently trading at $29,750, down 0.7% in the last 24 hours.

Invest with caution

As with any investment, investors are advised to do their due diligence before engaging in any risky venture involving Bitcoin, cryptocurrency or digital assets. It is important to understand that transfers and transactions involve risks and any losses are the responsibility of the individual investor.