A Crypto Trader Believes Bitcoin Retracement Before Halving Could Result in a Parabolic Uptrend
A popular crypto analyst suggests that a Bitcoin (BTC) retracement prior to the halving event could actually be beneficial. The analyst, known as Rekt Capital, shares insights into BTC activity before the halving with his large following on the social media platform X.
The Bitcoin halving occurs approximately every four years and reduces the reward for miners by half, ultimately limiting the total supply of BTC to 21 million coins. Rekt Capital notes that BTC has historically used the halving as an opportunity to reach new all-time highs.
If BTC’s price drops before the halving, the analyst believes it will lead to an even more explosive period following the event, expected in April 2024. According to Rekt Capital, any deeper retracement during the pre-halving phase will enable a future parabolic uptrend in the post-halving period.
Bitcoin Still in Pre-Halving Phase
The analyst emphasizes that BTC is currently still in the pre-halving phase. After the halving, Bitcoin is expected to spend a few weeks in re-accumulation before rallying into a parabolic uptrend. As of now, BTC is valued at $37,594.
Hot Take: Bitcoin’s Retracement Could Pave the Way for Price Surge
A well-known crypto trader suggests that if Bitcoin experiences a retracement before its halving event, it could set the stage for a significant price surge. Historically, Bitcoin has reached new all-time highs after each halving event. The trader explains that if BTC’s price decreases before the upcoming halving, it will likely lead to an even more explosive period after the event. This is because a deeper retracement during the pre-halving phase enables a future parabolic uptrend in the post-halving period. Currently, BTC is still in the pre-halving phase, but it is expected to enter a re-accumulation phase before experiencing a rally into a parabolic uptrend. At the time of writing, BTC is valued at $37,594.
By
By
By
By
By