A Crypto Analyst Believes the Pre-Halving Rally for Bitcoin is Just Beginning
A popular crypto analyst believes that the pre-halving rally for Bitcoin (BTC) is still in its early stages. According to the analyst, based on historical patterns, Bitcoin’s pre-halving rally could continue for several more weeks.
The halving event for Bitcoin is scheduled to take place in April. During this event, the rewards for BTC miners will be cut in half. The crypto trader, known as Rekt Capital, shares his insights with his 57,300 YouTube subscribers. He explains that it may be too soon to expect a significant retracement before the halving event.
Extended Pre-Halving Rally Expected
Rekt Capital states that the current pre-halving rally has only just begun from a technical standpoint. He suggests that there may still be a few weeks left before any major retracement occurs. The possible scenarios include:
- Holding at the current highs for a few more weeks
- Re-accumulation at the highs before a retest or retracement
- Limited upside potential before a retracement occurs
According to Rekt Capital, it is reasonable to expect at least two to three more weeks of upside movement or re-accumulation before any significant retracement takes place.
Possible Retracement Levels
The crypto trader also provides an estimate of the potential correction before the halving event. He suggests that a conservative estimate would be a decline between 15% and 20%. However, he points out that previous cycles have seen retracements ranging from 19% to 30%. Therefore, anything within this range can be expected at this point in the cycle.
Rekt Capital emphasizes that regardless of the exact percentage, this retracement will be the last opportunity for bargain-buying before transitioning into the post-halving re-accumulation period. This period is expected to last a substantial amount of time after the halving event.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $50,767. There has been a slight decrease in price over the past 24 hours.
Hot Take: Crypto Analyst’s Outlook on Bitcoin Pre-Halving Rally
The pre-halving rally for Bitcoin is still in its early stages, according to a well-known crypto analyst. Based on historical patterns, there may still be several weeks left before any major retracement occurs.
The analyst suggests that a conservative estimate for a correction before the halving event would be between 15% and 20%. However, previous cycles have seen retracements ranging from 19% to 30%, so anything within this range can be expected at this point in the cycle.
Regardless of the exact percentage, this retracement will be the last opportunity for bargain-buying before transitioning into the post-halving re-accumulation period. Bitcoin is currently trading at $50,767, with a slight decrease in price over the past 24 hours.
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