Bitcoin Faces 'Sell the News Event' Before 2024 BTC Price All-Time High
Bitcoin bulls will need to navigate a fresh sell-off around the halving, DecenTrader warns, arguing that BTC price action this time around will be no different than usual.
DecenTrader: Bitcoin will 'test investors' resolve' before Q4 all-time high
Bitcoin has around one month of sideways price action before markets begin to react to the upcoming block subsidy halving, DecenTrader believes.
Summarizing the BTC price roadmap for this year, CEO and co-founder Filbfilb told readers to expect a spike in buying around two months before the halving date, currently estimated for April 18.
This will be followed by another 'sell the news event' — similar to the events surrounding the launch of spot Bitcoin exchange-traded funds (ETFs) in January.
Anticipation among speculators could take BTC/USD to its current two-year highs
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Thereafter, however, the path opens up to price discovery hitting before 2024 is over — a phenomenon seen during Bitcoin’s last halving year in 2020.
Following the Halving, Bitcoin has taken 220 – 240 days to break to new all-time highs. I am expecting a similar outlook, with Bitcoin taking a trip to new all-time highs in mid to late Q4 of 2024, which give some time for a correction to test investors' resolve in between.
Bitcoin Halving: Not Different This Time?
The timing of the coming months’ BTC price fluctuations makes Q1 difficult to navigate for traders.
As Cointelegraph reported, beyond Bitcoin-specific factors, macroeconomic and geopolitical hurdles are lining up to cause wider risk-asset turbulence.
For Filbfilb, there is little reason to be overly optimistic on what the coming weeks will bring.