BTC Tumbles As Analyst Warns Of 40% Post-Halving Slump, But This Bitcoin Derivative Is Set To Skyrocket On ETF Approvals

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The Bitcoin price is trading 1% lower than 24 hours ago, with its price at $36,736 as of 11 AM EST.

Trading volume surged 42% to $28.5 billion.

What Caused Bitcoin’s Price To Plummet?

Analyst Rekt Capital has warned more than 370,000 followers on X that a 40% correction is coming after the Bitcoin halving in April as the king of cryptos repeats a pattern seen in 2016.

Here’s Why Bitcoin Could Plunge -40% Around its 2024 Halving
If you enjoyed this 1-minute summary on #BTC…
Checkout the full video here:https://t.co/jmzm9EnGbQ
Enjoy and Subscribe!$BTC #Crypto #Bitcoin pic.twitter.com/ShF3hcktcn
— Rekt Capital (@rektcapital) November 21, 2023

The analyst believes that the pattern will result in a rally as the halving approaches, only to be exhausted when blockchain rewards finally get cut in half. BTC will then lose 40% of the value that it amassed.

As the rally raises the price, the miners, who have been saving their BTC for months up to that point, will seek to cash in while Bitcoin’s price is higher, especially since they will be getting fewer Bitcoins for their work moving forward.

The sudden supply increase and the surge of selling pressure will be responsible for the price’s 40% correction.

The analyst stressed that this is the worst-case scenario for Bitcoin and that the correction might not be as significant as 40%.

Bitcoin ETF Presale Is Closing In On $1.5m Raised

While Bitcoin will be the coin that everyone will keep a close eye on for months to come, another cryptocurrency that carries its name could easily steal the spotlight shortly.

The token in question is known as Bitcoin ETF Token (BTCETF), a project that aims to reward holders as Bitcoin ETFs are approved.

Created by those who believe that the US Securities and Exchange Commission will have no other option but to finally give a regulatory nod to Bitcoin ETF applicants, the project has created a list of milestones, with its value expected to rise as each milestone is reached.

So far, the presale has raised $1.33 million, with the token’s current price at $0.0056. However, in less than two days, BTCETF will see a price increase, so buying it now is an opportunity for those who seek to profit the most from the token.