Bitcoin’s Pre-Halving Dip Nearing an End
The upcoming Bitcoin halving event is approaching, and historically, there has been a pattern of price movements leading up to it. Typically, there is a mid-cycle top followed by a pullback of up to 30% before the halving and the next bull cycle. According to crypto analyst “Rekt Capital,” this pre-halving period where pullbacks tend to occur is ending in two weeks.
Pre-Halving Dip Dwindling
The halving is predicted to occur around April 22, less than three months away. In early 2020, there was a similar pre-halving retrace when BTC was trading at around $9,500. However, this year is unlikely to see a repeat of the pandemic-induced black swan event that occurred last year. Analysts had predicted a correction to between $34,000 and $36,000, but BTC remained below $40K for only a few days last week.
BTC Price Outlook
Currently, Bitcoin prices are up 3% on the day at $43,422. The asset reached an intraday high of $43,730 during the Tuesday morning Asian trading session. Since its post-ETF launch dip below $39K, Bitcoin has gained 9% and is now aiming for resistance just over $44,000.
Hot Take: Anticipating Retail Participation
According to Dragonfly managing partner ‘Haseeb,’ retail investors have yet to fully participate in the current Bitcoin cycle. This assumption is based on the decreased popularity of the Coinbase app compared to previous highs. When retail investors enter the market, it is expected that fresh all-time highs will be reached.
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