The sustained Bitcoin (בטק) and general קריפּטאָ מאַרק 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 בער מאַרק.
טאקע, קריפּטאָ טריידער and analyst Josh Rager has suggested that a significant rally in Bitcoin will likely occur in 2024, just after the כאַווינג געשעעניש, he said in a טוויט אויף סעפטעמבער קסנומקס.
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.
"דערמאָנונג אַז ביטקאָין מסתּמא ריינדזשאַז פֿאַר די ווייַטער יאָר. די פאַקטיש פּאַרטיי וועט נישט אָנהייבן ביז 2024, פּאָסטן ביטקאָין כאַווינג. עס וועט זיין עטלעכע פייַן אַפּערטונאַטיז פריער מיט ביידע ביטקאָין און אַלטס פון באַונסיז. בלייבן ווידזשאַלאַנט און נעמען די מאַרק וואָך דורך וואָך, "ער האט געזאגט.
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.
ביטקאָין פּרייַז אַנאַליסיס
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.
אָפּלייקענונג: דער אינהאַלט אויף דעם פּלאַץ זאָל ניט זיין געהאלטן ינוועסמאַנט עצה. ינוועסטינג איז ספּעקולאַטיווע. ווען ינוועסטינג, דיין קאַפּיטאַל איז אין ריזיקירן.
Source: https://finbold.com/professional-trader-hints-bitcoin-real-party-wont-start-until-2024-heres-why/