Bitcoin (BTC) - Comparing 2020 vs 2024

7 Agu

#BTC/USDT #Analysis
Description
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+ After the Bitcoin halving, the expected price correction began in late 2019 and continued through the first quarter of 2020.
+ In 2020, BTC was anticipated to break out from resistance after 35 weeks of correction. However, due to the unexpected COVID-19 black swan event, the price experienced an even further decline.
+ Currently, we are observing a similar pattern following the 2024 Bitcoin halving. The price correction began as expected, and last week, there was an additional 33% drop from the peak (compared to a 53% drop in 2020).
+ If the recovery follows a normal pattern, the price is expected to break out from resistance after 35 weeks of correction, which would occur in November 2024.
+ If another black swan event were to occur, the price could potentially crash further, dropping to the 37K-40K range. However, this is unlikely unless such an event happens.
+ Let’s see how this situation unfolds.
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