Crypto currency analyst Rekt Capital, closely followed by crypto currency investors, expects Bitcoin (BTC) to make a new parabolic rally towards its all-time high after the 2024 block reward halving.
Anonymous crypto currency analyst Rekt Capital stated on his personal X account that Bitcoin could exceed $80,000 in the coming months following the next block reward halving event. As known, Bitcoin’s block reward halving, which reduces the amount of BTC rewarded per block mined by 50%, is expected to take place in April 2024.
Rekt Capital mentioned that it is possible for Bitcoin, the largest crypto currency, to continue its downtrend before the block reward halving:
Stop and stay away from negativity during the period before the block reward halving. You won’t want to miss the parabolic rally after the block reward halving.
198.5% Increase in Bitcoin
Rekt Capital emphasized that Bitcoin could repeat the bear market cycle of 2019 and then enter a bull market within a triangle formation, and said:
If Bitcoin continues to form lower peaks, can the crypto king fill the CME (Chicago Mercantile Exchange) gap around $20,000 by the end of this year or in early 2024?
If it does, it may consolidate towards the top of the black triangle before a possible break near the block reward halving.
Looking at the price chart shared by the analyst, it can be seen that Bitcoin is expected to confirm the triangle breakout in April 2024 and then rise towards its long-term target. With the latest data, the price of BTC is currently trading at $26,804, with a 0.53% increase in the last 24 hours. A rise to $80,000 for the largest crypto currency would mean a 198.5% increase.
