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The fate of crypto in 2024
[BITSTAMP:BTCUSD](/symbols/BTCUSD/)Bitcoin
2023 has been a good year for crypto, and we are nearing the end of the year.
But what will happen in 2024? Will we encounter a bullish market like 2023?
Before drawing conclusions, there are several key levels that you need to know.
If you pay attention, during December Bitcoin tried hard to penetrate 44,376.
This level is very important, because Bitcoin’s minor support is getting higher and this support also determines Bitcoin’s future fate.
If I zoom out, this minor support comes from the bullish rally, since October.
Will this support last until the halving?
Let’s unpack pre-halving history
December 02, 2012 Halving
105 days before the halving, minor support broke and returned to major support.And it happened again 56 days before the halving.
The interesting thing here is, the bullish key level was broken after the halving.
July 02, 2016 Halving
Several times minor support was formed, broke, and return to major support.
Bullish key level broken 176 days after halving
May 03, 2020 Halving
Several times minor support was formed, but failed, and touched major support 52 days before the halving.
Bullish key level broken 161 days since formation.
April 21, 2024 Halving
We are currently 115 days before the halving.
Is the minor support broken and Bitcoin returns to major support before the halving?
By looking at the history of previous halvings, does not rule out the possibility that 2024 will start with a sell-off, Bitcoin will return to major support at the $32,000 level.
But what will happen in 2024? Will we encounter a bullish market like 2023?
Before drawing conclusions, there are several key levels that you need to know.
If you pay attention, during December Bitcoin tried hard to penetrate 44,376.
This level is very important, because Bitcoin’s minor support is getting higher and this support also determines Bitcoin’s future fate.
If I zoom out, this minor support comes from the bullish rally, since October.
Will this support last until the halving?
Let’s unpack pre-halving history
December 02, 2012 Halving
105 days before the halving, minor support broke and returned to major support.And it happened again 56 days before the halving.
The interesting thing here is, the bullish key level was broken after the halving.
July 02, 2016 Halving
Several times minor support was formed, broke, and return to major support.
Bullish key level broken 176 days after halving
May 03, 2020 Halving
Several times minor support was formed, but failed, and touched major support 52 days before the halving.
Bullish key level broken 161 days since formation.
April 21, 2024 Halving
We are currently 115 days before the halving.
Is the minor support broken and Bitcoin returns to major support before the halving?
By looking at the history of previous halvings, does not rule out the possibility that 2024 will start with a sell-off, Bitcoin will return to major support at the $32,000 level.
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