Last week, between September 18 and 23, two prominent cryptocurrency analysts forecasted a potential slump in the price of Bitcoin before the next halving event scheduled for April 2024. According to top crypto analyst Rekt Capital, the current situation in the cryptocurrency market resembles BTC price dynamics recorded three years ago. The crypto trader expects the coin to decline by 27% to $19,082 while trading within the descending triangle pattern. This view is shared by another seasoned crypto expert known as Bluntz who foresaw the bottom of Bitcoin's bear market in 2018. He is sure that the leading cryptocurrency will continue to slide lower. Bluntz doubts that the asset’s value has reached its bottom, as the descending triangle forming on the chart seems to be incomplete. In this scenario, Bitcoin will ease to around $23,800, thereby completing the third corrective wave. However, there is a potential silver lining. Bluntz estimates that Bitcoin's price could surge dramatically if the US authorities approve the launch of a Bitcoin ETF. Mark Yusko, the head of consulting firm Morgan Creek Capital, holds the view that a favorable decision on Bitcoin ETF applications could potentially bring $300 billion in investments. Under such circumstances, the coin’s market capitalization and value could skyrocket.
