According to crypto trader David, with the way the weekly candle closed last week, the theme for Bitcoin in the coming months will likely be “sideways and down” price action leading into the 2024 halving event. He notes key support levels between $31k and $28k that could be tested before any potential new all-time highs post-halving.
Halving Cycle More Potent Than Narratives
Analyst Milkybull echoes this perspective: despite narratives around things like Bitcoin ETF approvals playing out, ultimately Bitcoin still follows the built-in halving cycles more than anything. Without an unforeseen black swan event, this cycle likely mimics the sideways chop for months before halving, followed by a renewed bull run afterwards through 2025.
Trader David suggests smart traders should view the potential further drawdown to $28k–$31k as a final “chance to load up on dips” before the post-halving bull market. Rather than panic, traders should prepare to take advantage of the opportunity.
Halving Countdown
At the time of writing, the data shows there are approximately 98 days until the next halving event. If the market follows a similar cycle pattern, Bitcoin could trade sideways for the next 3–4 months before beginning its upside breakout and run-up starting in mid-2024.
While short-term price action may prove volatile and markets impatient, zooming out on the perspective emphasizes the critical moment Bitcoin has arrived at prior to its automated supply shock halving.
Traders with conviction in this macro backdrop would likely be prudent to take advantage of any relief rallies and scope out buy zone opportunities in the $28k to $31k range anticipated in the months ahead.
