Bitcoin inches closer to major ‘danger zone’ as halving nears

Bitcoin is getting closer to a critical phase known as the “danger zone” as its halving event approaches. Historically, Bitcoin has experienced significant retracements in the days leading up to the halving. Experts have observed retraces of 40% in 2012 and 20% in 2016 during this period. With less than 30 days left until the halving, Bitcoin is already showing signs of a pullback. However, there is speculation about whether traders will take advantage of the current price or if market makers will push the price down further to increase liquidity before making their move. At the time of writing, Bitcoin is trading at $67,980, with a slight increase in the past 24 hours. Despite recent setbacks, it has still gained nearly 31% on its monthly chart. Analysts have differing predictions for Bitcoin’s future price, with some expecting a new all-time high of $100,000 in the future. On the other hand, AI algorithms predict a more modest increase to $68,705 by the end of March. As always, investing in Bitcoin carries risks, and this content should not be considered investment advice.