The sustained Bitcoin (BTC) and general crypto market correction has resulted in investors monitoring indicators when the asset will likely rally again amid tough economic times characterized by high inflation. Therefore, market analysts have fronted various scenarios and timelines for when Bitcoin might put behind the bear market.
His projection comes at a point when Bitcoin has shown signs of rallying in recent weeks before consistently consolidating around the $20,000 level. Consequently, Rager noted that before the next rally, investors should expect several opportunities along the way.
“Reminder that Bitcoin likely ranges for the next year. The real party won’t start until 2024, post Bitcoin halving. There will be some nice opportunities before with both Bitcoin and alts from bounces. Stay vigilant and take the market week by week,” he said.
Impact of the halving event
The trader made the comments in reference to his August 25 tweet, where he stated that the 2024 rally would mirror the flagship cryptocurrency’s growth trajectory after halving events.
Notably, estimates indicate that the next halving event will occur in early May 2024, when Bitcoin reaches 840,000 blocks.
“BTC is 835 days since the last halving & this is around the time of the cycle bottom (give or take a couple months before/after). So far, there’s a case that the Bitcoin bottom is in unless the stock market continues to break down,” he said.
It is essential to point out that halving events are significant for Bitcoin and the general crypto market as they influence price action. Historically, halving events have been followed by steady and significant price increases over time.
Bitcoin price analysis
Notably, Bitcoin is now struggling to trade above $20,000, and the asset was valued at $20,300 by press time, dropping almost 9% in the last 24 hours. Notably, prior to the drop, Bitcoin had rallied, topping $22,000 at one point.
At the same time, the short-term correction appears as a reaction to the latest inflation figures with the expectation that the Federal Reserve might hike interest rates.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.