Bitcoin (BTC) has entered bullish territory as the halving approaches, according to a closely watched cryptocurrency analyst.
Pseudonymous analyst Recto Capital told his 397,000 followers on social media platform X that Bitcoin has entered a “pre-halving uptrend.”
According to the trader, the Bitcoin bull market can be divided into three main chapters: the pre-halving rebound, the post-halving resistance, and the post-halving parabola. He said that BTC has officially launched the first phase.
“We’re running out of time.
Bitcoin has already moved into an uptrend before the halving. ”
Rekt also looks at the Pi Cycle Top indicator, which focuses on multiples of the 111-day moving average (DMA) and the 350-day moving average.
According to the analyst, the indicator’s 111 DMA, which acts as support for the bull market, suggests that the top of the market cycle will come around October this year. However, he points out that if BTC corrects before the April halving, when miners’ rewards are cut in half, the market could hit a ceiling at a later date.
“The orange moving average acts as support. The same thing happened in the halving year of 2020, and now we are also in the halving year of 2024. What is happening now with this orange moving average? Look, it is holding as support, and this retest could provide an opportunity to buy on the bullshit.
Therefore, we know that the 111-day moving average is an important moving average, and unless a significant correction occurs, propagating these two moving averages into the future will result in a bull market high. Masu. Around October.
But before and after a retrace before a halving, we tend to see a correction in Bitcoin’s price movement, so a correction during that period will likely tip this Pi moving average a little lower, and that’s because It also means that this moving average has propagated and will now slope down a bit. That means the peak of the bull market will be much later. ”
At the time of this writing, BTC is trading at $48,119.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me twitterFacebook and Telegram
Surf the Daily Hoddle Mix
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: Mid Journey