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After weeks of nonstop bullish momentum, Bitcoin retraced below $61K, a correction many analysts deemed necessary before the halving., over $220 billion were lost in just two days, with altcoins like Solana , Dogecoin , and Ripple suffering the most. However, the trendis nearing, an event in which BTC rewards for miners will be cut in half. This will pressure miners to sustain operations and face stiffer competition on the network.
According to technical analyst Trader Tardigrade, previous returns post-halving marked increases of 9,000%, 4,000%, and 700%. In theory, this upcoming would provide a return of 200%, placing the price of BTC at around $200K.Bitcoin and altcoins have recovered most of the recent losses, but the crypto community is worried about further corrections, and some skeptics have called for the “end of the bull run.” However, analysts recommend users keep a cool head during corrections.
According to CryptoCon, Bitcoin is facing resistance at $69K. The analyst spotted that the monthly Relative Vigor Index on BTC crossed a .21 value, which in the past marked a cycle top that comes around ten months forward – which would be December of this year. “Corrections reduce the risk of parabolic price action, that could bring a double top which is tricky to navigate. Bitcoin continues to respect data whether this cycle is accelerated or not.”The Monthly Relative Vigor Index has crossed a .21 value, which in the past has marked a cycle top to come in 10 Months, December…One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
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