The sustained Bitcoin (BTC) and overall crypto market correction has caused investors to watch for indications that the asset could rebound in tough economic times characterized by high inflation. Therefore, market analysts have prepared various scenarios and timelines for when Bitcoin might surpass the bear market. Here are the details…
Important rally for Bitcoin on this date
Trader Josh Rager suggested in a tweet on Sept. 14 that a major rally in Bitcoin will occur in 2024, just after the halving event. His prediction comes at a point where Bitcoin has been showing signs of recovery in recent weeks before consolidating consistently at the $20,000 level. As a result, Rager noted that before the next rally, investors should expect various opportunities along the way. Rager used the following statements:
I would like to remind you that Bitcoin will probably change for next year. The real party won’t start until 2024, which marks the post-Bitcoin halving. There will be some good deals before, with both Bitcoin and the booming altcoins. Be vigilant and cover the market week by week.
https://twitter.com/Rager/status/170021126826229761
The effect of halving on Bitcoin
Referring to his August 25 tweet, the trader stated that the halving of the 2024 rally will reflect the growth trajectory of the flagship cryptocurrency. It is important to note that halving events are important to Bitcoin and the overall crypto market as they affect price action. Historically, halving events have been followed by steady and significant price increases over time. In particular, the predictions suggest that the next halving will take place in early May 2024, when Bitcoin hits 840,000 blocks. Trader uses the following expressions:
835 days have passed since the last halving in BTC. This marks times near the bottom of the cycle. So far, there is a case where Bitcoin bottoms out unless the stock market continues to break down.
Specifically, Bitcoin is currently struggling to trade above $20,000. The asset’s value has dropped almost 1.2 percent in the last 24 hours. Its price is set at $20,159. Notably, Bitcoin rallied before the drop and at one point surpassed $22,000. At the same time, the short-term correction comes in response to recent inflation figures in anticipation that the US Federal Reserve may raise interest rates. Still, the value of the cryptocurrency is up 4.3 percent in the last 7 days.
Rager’s previous cryptocurrency predictions
As we have also reported as Kriptokoin.com, Josh Rager is someone who stands out with certain predictions. Rager had known about the $2,000 selloff in Bitcoin in May 2020. It is worth noting that this selloff was made by whales. Also, the analyst pointed to levels above $10,000 in BTC in the same period.
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