The Bitcoin price has fallen more than 10% after briefly hitting its all-time high of $69,000, fueled by the flow of investor money into the US. BTC Spot Exchange-Traded Funds (ETFs).
However, the intense volatility surrounding the cryptocurrency price has led to a recovery towards the $68,000 mark, underscoring the return of positive enthusiasm, prompting predictions of a significant rally to an all-time high.
Major story that could send Bitcoin to $240,000
Cryptocurrency analyst and trader Matthew Hyland has done just that shared an optimistic forecast for Bitcoin with the community on the social media platform
Initially, Hyland noted that Bitcoin has “destroyed several narratives over the past two years, both positive and negative.” These include one of the ideas that BTC “will never fall below the previous cycle low or peak until after the halving.”
However, Hyland claims that the only story that has not yet destroyed BTC is the “Diminishing Returns” as it is still almost 100% effective. Hyland is unsure of the effect of the story, but believes it is the “final boss” as it is the only one left standing.
As a result of the trend, the crypto expert has set his price target at $240,000 in the coming months. This simply means BTC must exceed the aforementioned price to break the narrative of diminishing returns.
Hyland claims that it makes no difference to him whether Bitcoin “reaches the level or not.” Nevertheless, it will be “intriguing” to see if it can break the only trend that remains intact.
Another expert known as Crypto Signals seems to agree with Hyland: express his pleasure in analysis. According to Crypto Signals, in the context of Bitcoin, “the idea of reducing returns is fascinating.”
Crypto Signals claims that each cycle tends to produce “diminishing percentage gains as the market matures.” This results in deeper development and broader acceptance in the market. So in the ever-changing world of cryptocurrencies, the story is worth investigating.
Strategic Timetable for BTC Pre-Halving Rally
Rekt Capital, a well-known crypto expert, has done that localized a time frame for when and where the Bitcoin Pre-Halving rally will end. According to Rekt Capital, the pre-halving rally is gradually approaching an end.
Related reading: Preparing for Bitcoin Halving: Analyst Outlines Key Points Ahead of the Event
The analyst drew a comparison to the pre-halving surge in 2020, stating that it occurred two weeks before the event. Afterwards, BTC witnessed a “pre-halving retrace” of around 20%, which was the last it saw before the halving. halve.
He further drew a comparison to the pre-halving peak in 2016, which he said occurred “28 days before the halving.” Nevertheless, it also experienced a “conservative correction” of over 29% after the rally peaked.
Rekt Capital has marked this point as the “historic danger zone” that could potentially cap this year’s pre-halving rally before witnessing a pullback ahead of the event.
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