Bitcoin Halving RoadMap: Analyst Outlines 3 Phases For Market Dynamics
12 Avril 2024 - 3:32PM
NEWSBTC
Bitcoin is now hovering around the $70,000 threshold after a
notable recovery it witnessed a few days ago. Due to the recent
momentum, crypto enthusiasts are becoming less pessimistic about
the digital asset’s growth prior to the halving event. With the
fast approaching much-anticipated Bitcoin Halving, Rekt Capital, a
well-recognized cryptocurrency analyst and aficionado, has offered
his market insights mapping out three distinct stages of the event
for investors. 3 Distinct Aspects Of The Bitcoin Halving Rekt
Capital’s analysis delves into Bitcoin‘s movement before and after
the halving takes place, which is expected to happen this month. In
the seven days leading up to the occurrence, the crypto analyst
underscored three stages to observe for a successful outcome.
Related Reading: Bitcoin To $150,000 Is “Programmed” With Halving
Approaching: Analyst These three phases include the final
pre-halving retrace, the re-accumulation phase, and the parabolic
uptrend phase. Emphasizing on the first aspect, Rekt Capital noted
that the pre-halving retrace is documented in the books and has
already manifested. During this period, Bitcoin experienced an 18%
pullback compared to 2016 and 2020’s retracement of 38% and 19%,
respectively. The expert believes that the concluded pre-halving
Retrace was the last chance to purchase a deal during the
pre-halving phase. Following the conclusion of the retrace, Rekt
Capital has confirmed the development has laid the groundwork for
the Re-accumulation range. It is important to note that the
aforementioned range occurs a few weeks ahead of the halving, and
it ends with a breakout from it a few weeks later. Specifically,
the period could last for several weeks and up to 150 days or five
months. Given the manifestation of the range, sideways movement
through the halving and beyond is the major purpose of BTC. Thus,
the analyst has stressed the need to be patient around this phase,
as many investors get frustrated, bored, and disappointed here
because their Bitcoin investments lack significant returns. As a
result, they lose confidence and get shaken out of the market
before the event. BTC’s Post-Halving Rally Might Mirror Previous
Trend As for the parabolic uptrend, Rekt Capital claims the phase
will begin when Bitcoin breaks out from the re-accumulation range.
He further stated that the price of BTC tends to grow more quickly
and enters a parabolic upsurge during this stage. Related Reading:
Bitcoin To Go ‘Ballistic’ After Halving, Says Top Analyst – Here’s
Why According to the expert, this area has typically lasted about a
year or a little more, particularly around 385 days in the past.
However, with the possible accelerated cycle that is currently in
development, the period could be halved within this bull market
cycle. Rekt Capital’s key perspectives came amidst Bitcoin
demonstrating strength to revisit its current all-time high of
$73,000. BTC has managed to amass gains of more than 6% in the past
few days. It recovered to the $70,000 level after plunging as low
as $67,000 on Wednesday and is getting close to $71,000. At the
time of writing, BTC was trading at $70,854, indicating over 6%
increase in the past week. Its market capitalization is up by 1%
and its trading volume has plummeted by more than 21% over the past
day. Given the current trend in the coin market, BTC could be in a
position to see even bigger gains in the months to come. Featured
image from iStock, chart from Tradingview.com
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