Taking to X, one analyst now says Bitcoin is inching closer to a critical juncture. This “Danger Zone” has historically coincided with sharp price corrections before Bitcoin halving events, raising concerns about a potential crash in the coming weeks.
Bitcoin Approaching “Danger Zone”
According to price charts, Bitcoin is trading above $72,400 when writing. However, as time progresses, the coin is inching closer to the “Danger Zone.” Usually, when prices are at this region, as past price action shows, the coin tends to pull back sharply, unwinding gains. This area is time-based and takes place roughly two to four weeks before halving.
The network will halve its miner rewards in roughly 33 days in mid-April 2024. Therefore, if past price action guides, it is likely that the expected miner sell-off might push the coin lower, denting the current optimism.
Miners who receive Bitcoin rewards for verifying transactions often sell portions of their holdings to loc
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