Bitcoin (BTC) could be a while until its next block grant cuts the fight against recession in half, Elon Musk has suggested.

In a Tweeter on October 21, the CEO of Tesla revealed his belief that the world would not emerge from recession until the spring of 2024.

Musk: Recession ‘likely’ to last through Q2 2024

After the United States entered a technical recession with its third quarter GDP data, the debate continues on the severity of the scenario.

For Musk, although he had long predicted that the US economy would slip into a recession, the likelihood of a persistent global slowdown is now real.

When asked on Twitter how long he considered a recession to last, the world’s richest man was evasive, but erred on the side of years rather than months.

“I guess, but probably until spring 24,” he wrote, after also saying that “it would be nice to have a year without a horrible world event.”

Musk’s latest prognosis came across as particularly painful to crypto commentators.

Still sensitive to macroeconomic market movements, BTC/USD fell below $19,000 on the day, according to data from Cointelegraph Markets Pro and TradingView.

Reactions to Musk digested the idea that it might take until Bitcoin’s next price performance halving to see a significant trend change. The halving is currently scheduled for May 1, 2024.

“If this is true, half of CTs will be in a mental asylum,” Material Indicators on-chain analysis resource commented.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

The daily chart faces a watershed moment

Closer to home, other research has warned that “time is running out” to save the daily Bitcoin chart from crashing.

Related: New Fidelity Report Signals “Striking Contrast” Between Bitcoin and Fiat Currencies

According to commentator Matthew Hyland, a daily close above $20,500 is now a necessary step.

“Bitcoin has consistently hit lower highs since June,” he said. abstract.

“Needless to say, the pressure is now on for a high above $20.5,000 after retesting the $18,000 region. Time is running out.

BTC/USD annotated chart. Source: Matthew Hyland/Twitter

Earlier this week, Hyland reported Relative Strength Index (RSI) behavior potentially copying the latter stages of the last bear market of Bitcoin’s 2018 halving cycle.

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