Bitcoin’s Pre-Halving Rally Phase is Beginning, Says Crypto Analyst
A popular crypto analyst believes that Bitcoin (BTC) is entering a pre-halving phase and could follow a historical pattern over the next couple of months. The analyst, known as Rekt Capital, suggests that Bitcoin may experience a dip before the April halving event after experiencing gains. According to Rekt Capital, Bitcoin could temporarily surpass a key diagonal resistance trendline at around $46,000 but ultimately remain below it on the monthly chart, based on previous price patterns. The halving event occurs every four years and involves cutting miners’ rewards in half.
Possible Scenario for Bitcoin’s Pre-Halving Period
Rekt Capital explains that historically, Bitcoin has failed to break beyond the macro diagonal resistance before the halving. To reconcile this tendency with the beginning of the pre-halving rally phase, Rekt Capital suggests that Bitcoin may see limited upside during this phase. This limited upside would result in an upside wick at the end of February, followed by another range at highs in March. This scenario would allow altcoin rallies to take center stage before a pullback occurs a few weeks prior to the halving event.
Bitcoin’s Current Price and Outlook
At the time of writing, Bitcoin is trading at $47,387, representing a 2.80% increase in the last 24 hours. It remains to be seen whether Bitcoin will follow the predicted pattern during its pre-halving period.
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