Real Vision macro expert Julian Bittel believes that Bitcoin (BTC) is on the verge of a massive rebound, based on historical patterns.
Bittel explains that Bitcoin is currently in the typical “boring” phase that often precedes a significant rally, which usually occurs after halving events.
What we’re currently witnessing in terms of Bitcoin price action is fairly typical around the actual halving: A big pump leading into the halving, followed by a brief but sharp correction, a period of sideways chop, a final dump to nuke any remaining bullish sentiment, another… pic.twitter.com/n25WWI1fYp
— Julien Bittel, CFA (@BittelJulien) June 18, 2024
He describes the typical sequence around the Bitcoin halving: a strong rally preceding the event, followed by a sharp correction, a period of sideways movement, a final decline to shake off any remaining bullish sentiment, another phase of sideways trading, and finally, a price increase.
Bittel calls this the “boring zone before the banana zone” and urges patience.
Read more:
Crypto Whale bought nearly $40 billion worth of Bitcoin during the last dip.
Based on his analysis, Bittel predicts that Bitcoin could reach $240,000 by May 2025.
Currently, Bitcoin is trading at a price of $64,600, showing a slight increase in the last 24 hours.
