How low can BTC price go? Bitcoin analysis points to $45K

Bitcoin (BTC) Can Still Preserve Bull Market Despite 10% Dip, Latest Price Analysis Shows

Despite a 10% dip in the past 24 hours, the latest BTC price analysis suggests that Bitcoin (BTC) can still dip lower and maintain its historical track record.

This optimistic outlook on BTC/USD performance highlights the resilience of the cryptocurrency market and its ability to weather fluctuations.

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The Latest on Helium Crypto and the Evolution of Web 3.0

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With the current Bitcoin bull run still going strong, it’s clear that the market is following a familiar path towards new macro highs.

Even if there is a significant correction from the current price of $68,000, data from Cointelegraph Markets Pro and TradingView show that the overall trend remains intact.

As we approach the upcoming block subsidy halving, comparisons are being drawn to previous halving cycles, which saw price pullbacks of nearly 40% before ultimately entering a phase of price discovery.

For example, at its peak of $73,500, Bitcoin was down 38% to $45,500 – a significant potential downside. Some may argue that the influx of funds from US spot Bitcoin ETFs could prevent such a drawdown, but as history has shown, each bull market has its own catalysts that ultimately fail to prevent corrections.

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Bitcoin on the brink of entering the “danger zone”

As the highly anticipated halving event approaches, all eyes are on Bitcoin’s price performance, including that of popular trader and analyst Rekt Capital.

Despite Bitcoin reaching a record high before its 2024 halving, Rekt Capital suggests that this timing is simply part of the typical posturing seen in a bull market.

In a chart shared on X, he compared the current year’s behavior to that of the previous halving year in 2020.

“Technically, Bitcoin is still in its Pre-Halving Rally phase (light blue),” he explained.

However, Rekt Capital also issued a warning that BTC/USD is about to enter the most risky part of the pre-halving phase, which he refers to as the “danger zone.”

“Historically, Bitcoin has experienced Pre-Halving Retraces 14-28 days before the Halving,” he noted.

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