Indeed, crypto trader and analyst Josh Rager has suggested that a significant rally in Bitcoin will likely occur in 2024, just after the halving event, he said in a tweet on September 14. His projection comes at a point when Bitcoin has shown signs of rallying in recent weeks before consistently consolidating around the $20,000 level. Consequently, Rager noted that before the next rally, investors should expect several opportunities along the way.
Impact of the halving event
The trader made the comments in reference to his August 25 tweet, where he stated that the 2024 rally would mirror the flagship cryptocurrency’s growth trajectory after halving events. Notably, estimates indicate that the next halving event will occur in early May 2024, when Bitcoin reaches 840,000 blocks. It is essential to point out that halving events are significant for Bitcoin and the general crypto market as they influence price action. Historically, halving events have been followed by steady and significant price increases over time.
Bitcoin price analysis
Notably, Bitcoin is now struggling to trade above $20,000, and the asset was valued at $20,300 by press time, dropping almost 9% in the last 24 hours. Notably, prior to the drop, Bitcoin had rallied, topping $22,000 at one point. At the same time, the short-term correction appears as a reaction to the latest inflation figures with the expectation that the Federal Reserve might hike interest rates. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
