BTC Price Analysis: Bitcoin’s Path to $45K

Bitcoin has experienced a 10% dip in just 24 hours, causing some concern among investors. The latest BTC price analysis suggests that the cryptocurrency can still maintain its bull market and historical track record, even if it dips lower. Longtime market participants believe that Bitcoin is still following the classic path to new macro highs. Despite the increased volatility of BTC’s price, the current bull run remains intact.

According to data from Markets Pro and TradingView, even if Bitcoin experiences a deeper correction from its current levels near $68,000, its bull market will not be jeopardized. One trader on X (formerly Twitter), known as Bags, pointed out that previous halving cycles saw significant price pullbacks of nearly 40% before entering a phase of price discovery. Based on this pattern, Bags calculates that Bitcoin could potentially experience a downturn from its all-time high of $73.5k to $45.5k.

Another trader and analyst, Rekt Capital, also emphasized the importance of the upcoming halving for Bitcoin’s price performance. He compared this year’s behavior to the 2020 halving year and suggested that Bitcoin is currently in its “Pre-Halving Rally” phase, but is on the verge of transitioning into the “Pre-Halving Retrace” phase. He warned that BTC/USD is entering the riskiest part of the pre-halving phase, which he calls the “danger zone.” Historically, Bitcoin has experienced retraces in the 14-28 days leading up to the halving.

Despite these cautionary notes, both analysts maintain an overall positive outlook on Bitcoin’s future. They believe that the cryptocurrency has a strong historical track record and will continue to thrive in the long run. The current dip in price, while significant, does not pose a threat to Bitcoin’s bull market. Investors should remain optimistic and focus on the broader trends and patterns in the market. As with any investment, it is important to consider the potential risks and fluctuations, but Bitcoin’s historical resilience suggests that it will bounce back from any temporary setbacks.