Technical analysis by Investratiques about Symbol BTC: Sell recommendation (3/19/2024)

HalvingCorrection RateDowntrend days Distance from Halving Start of Recovery1st Halving -42%70 days 105 days before 35 days before2nd Halving-40%49 days 28 days before 21 days after49 days after3rd Halving-63%28 days 91 days before 63 Days before4th Halving -41%42 days 42 days 35 Days afterShort position price targets: 44,000.00 1st Target 36,000.00 2nd Target 32,000.00 3rd Target***********Based on history, there is always a massive price correction on BTC before or after the halving event. At least -40% price drop has been consistent since the inception of the halving event, and it has become consistent throughout the life of Bitcoin. Presented with these facts, we can assume that the market is still headed for a further price drop to complete the bullish pattern in the coming months. BTC is currently priced at 63k as of today, which is equivalent to a -15% price drop from the previously locked in ATH, the bullish momentum was put on halt after having a clear doji candle in the weekly timeframe which is set to turn into an evening star candle sticks pattern in the upcoming weekly close.Downtrend is expected to continue in the coming weeks as the halving event gets nearer. But there could also be a scenario, where BTC will bounce back 2 weeks from now after a -30% price drop. We'll have to see how things turn in the next few weeks. Caveat!