A Crypto Analyst Predicts Bitcoin’s Pre-Halving Rally
A well-known crypto analyst believes that Bitcoin’s pre-halving rally could begin as early as next week. The analyst, known as Rekt Capital, shares on social media platform X that historical data suggests Bitcoin goes through five stages based on its halving event, which reduces the issuance of new BTC to miners by half. With the next halving scheduled for April, Rekt Capital believes that Bitcoin is currently transitioning from its pre-halving retrace phase to its pre-halving rally. Looking at the analyst’s chart, it appears that Bitcoin will experience one more round of re-accumulation before entering a parabolic uptrend that could potentially push the price above $90,000.
Immediate Resistance and Bullish Momentum
Rekt Capital notes that Bitcoin is in a favorable position to break above its immediate resistance at around $43,786 after testing this level multiple times in the past two months. Additionally, BTC’s relative strength index (RSI) indicator recently broke above its diagonal resistance on the weekly chart, indicating a gathering bullish momentum and invalidating a potential bearish divergence signal. A bearish divergence occurs when the RSI enters a downtrend while the asset’s price continues to rise, suggesting a possible bearish reversal. According to Rekt Capital, the recent RSI breakout suggests that the bearish divergence has been invalidated.
Bitcoin’s Current Price
As of now, Bitcoin is valued at $43,161, with a 1.22% increase in the past 24 hours.
Hot Take: Analyst Predicts Pre-Halving Rally for Bitcoin
According to crypto analyst Rekt Capital, Bitcoin may soon experience its pre-halving rally, based on historical data and current market indicators. The analyst suggests that Bitcoin is transitioning from its pre-halving retrace phase to its pre-halving rally, which could potentially lead to a parabolic uptrend with the price exceeding $90,000. Rekt Capital also notes that Bitcoin is in a good position to break above its immediate resistance level, and the relative strength index (RSI) indicator signals bullish momentum. These factors indicate that the bearish divergence signal has been invalidated, further supporting the possibility of a pre-halving rally for Bitcoin.
By
By
By
By
By