Bitcoin may be stuck in a pre-halving correction, but the absolute limit has not been reached yet!

Again, after a strong rally of over 5% to 6%, Bitcoin price consolidated within a narrow range. While the bears failed to squeeze out any gains, the bulls failed to reach levels above $42,000. However, its recent rally has boosted its market capitalization to over $1.6 trillion, showing its strength globally. Now that the Bitcoin halving is fast approaching, the pre-halving corrections suggest that another bearish move could be coming soon.

Observing previous recovery years and the pre-halving corrections that occurred in 2019 and 2020, the BTC price was in the green, creating a relief rally that lasted 5 months. The rally then entered a correction phase, which peaked in March 2020. The lowest month signal occurred exactly 427 days later, after which a strong bullish wave ended the long-term distribution phase. As of 2023, the relief rally has had four green months printed, followed by the first red moon, with exactly 426 days.

Now that BTC price has reached the bottom of the signal month, past price history suggests that a major decline could occur in the coming months.

Considering the previous price movements that have occurred in the past, we expect the bearish trend to extend, which could extend the price below $30,000. However, prices are likely to recover in the same month and then stage a long-term bullish rally in preparation for a larger bull market. Accordingly, the crux of the matter is whether ATH can be reached in 2025 with price targets of $180,000 and $200,000 and above.

Many believe that the Bitcoin price may not produce a strong correction during the pre-halving period similar to 2020, as COVID-19 was the main cause at the time. It is worth noting that there have been significant price adjustments in 2018, 2011, and also in 2021-22. This therefore means that corrections occur without warning as markets can create coincident events. Therefore, it is advisable to trade with extreme caution as market trends can reverse at any time, causing large differences.