A widely followed crypto analyst believes that Bitcoin (BTC) is just beginning the pre-halving phase and could follow a historical pattern over the next two months.
Pseudonymous cryptocurrency trader Rekt Capital To tell 396,800 followers on social media platform X predicted that after a rally, Bitcoin could fall in the weeks ahead of April’s halving event.
Based on historical price patterns, Bitcoin could briefly rise above the key diagonal resistance trendline currently near $46,000, but remain below it on the monthly chart, he said. He said that there is a sex.
The Bitcoin halving event occurs every four years, and miners’ rewards are cut in half.
Recto Capital said:
“How do we reconcile the following historical trends?
– The pre-halving phase begins.
– But historically, BTC has failed to cross the macro diagonal before the halving.
– It has also historically failed to break out of the 4-year cycle resistance (around $46,000 this cycle).
With all this in mind, here’s how Bitcoin can reconcile all these trends.
+ Bitcoin needs to generate limited upside during the rally before the halving.
+ This rally will become the core of the rally at the end of February, for example last month and in 2019.
+ It will then likely form another range at the March highs, allowing the altcoin rally to take center stage.
+ And then finally withdraw for a pre-halving retrace a few weeks before the halving event itself.
This could be a path for Bitcoin to rise above the macro diagonal, but remain below the macro diagonal at the close of the monthly candlestick at the end of the month during this slow pre-halving period. Masu. ”
At the time of writing, Bitcoin was trading at $47,387, up 2.80% in the past 24 hours.
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