Analyst Predicts Bitcoin Volatility Ahead of 2024 Halving Event
- Dale’s prediction is based on consistent historical price patterns over several years.
- According to the analyst, Bitcoin’s price could go as high as $200,000 after the next halving.
The founder and CEO of 42Marco Darius Dale, predicts there will be more volatility for Bitcoin before the next halving event, expected between April and May 2024. Dale stated this during a conversation with Anthony Pompliano, the renowned Bitcoin investor and crypto personality.
Dale deduced his prediction from Bitcoin’s historical patterns, showing that Bitcoin’s price dropped significantly a few months before every halving event. However, he noted that the market always rebounded and pushed towards greater heights. According to him, Bitcoin’s price could go as high as $200,000 after the next halving.
At the time of Dale’s prediction, Bitcoin traded around the $29,000 region. He clarified that the essence of his analysis is for traders and investors to be aware of the possibility of a significant dip towards the end of the year and ahead of an anticipated bull run. According to him, the purpose of the prediction is mainly to guide users and protect them from overstretching their resources before the actual gains start coming.
During the conversation, Dale observed an increased short-term trading frequency among institutional investors. According to him, the level of short-termism in this category is unprecedented. In his explanation, the side-ways ranging pattern across most digital assets confirms this behavior by institutional investors who understand the current market dynamics and know this is not the right time for long-term positions in the market.
The Bitcoin halving event coincided with the election year in the United States. When asked if the election and who becomes the next President of the U.S. will affect the price of Bitcoin, Dale responded that it would, but not on an absolute basis. According to him, a President who is averse to issuing executive orders could affect market sentiments and users’ perceptions, knowing the effect of lengthy Congress processes could fade, and things could happen more quickly.