Analyst Warns Of Bitcoin Pre-Halving Retrace Echoing Troubling 2020 Trend
26 Marzo 2024 - 3:00PM
NEWSBTC
Rekt Capital, a cryptocurrency expert and enthusiast, has
identified a similar pattern between the recent Bitcoin pre-halving
retrace and the one that took place in 2020 before the crypto asset
witnessed an upsurge to its previous all-time high. Bitcoin
Pullback Is Almost Identical With 2020 Pre-Halving Retrace Bitcoin,
the largest cryptocurrency asset, is presently demonstrating
momentum, rising over $70,000 and recovering from a recent downward
trend. Following the recovery, Rekt Capital believes that the
pullback might be over, citing a similarity to the 2020 pre-halving
retrace. Related Reading: Bitcoin Price Reclaims $70K And Signals
Fresh Surge To $75K Given the uncertainty of the crypto market, the
analyst is not sure if the recent upsurge marks the end of the
pre-halving retrace. However, if that is the case, then Bitcoin
would have nearly matched the pre-halving correction from 2020.
According to the analyst, the digital asset has recorded a pullback
of over 18% in this cycle. Meanwhile, in the 2020 cycle, it
retraced by over 19%, suggesting the potential of the asset
mirroring the 2020 movement this cycle. A further dive into the
correction made by the analyst reveals that Bitcoin has been
trapped inside the Weekly range (black-black) ever since it
retraced by over 18%. Both the upside-wicking 2021 peak and the
candle-bodied 2021 peak combine to create the weekly range that
Rekt Capital has indicated. Thus, he claims that BTC reclaiming the
$69,200 ‘range high’ as support, which has already played out,
could signal the conclusion of the recent decline. In addition,
this demonstrates that Bitcoin is poised to move over its weekly
range and soar higher. With the 2024 Bitcoin halving drawing
closer, the cryptocurrency is having difficulty in reclaiming its
most recent peak of $73,000. However, there are rumors that today’s
increase could mean the pre-halving decline is coming to an end.
Considered Catalysts For BTC’s Strength This Cycle As of the time
of writing, BTC has rebounded to around $70,806, indicating a daily
increase of over 5%. Its market cap and trading volume are also
showing strength, rising by 5.49% and 47.82%, respectively, in the
past day. One of the main drivers of Bitcoin’s growth this cycle is
thought to have been the approval of spot BTC ETFs in January 2024.
With the acceptance of the product, investors now have a convenient
way to profit from Bitcoin’s value without actually owning any of
it. Related Reading: Bitcoin is “Overheating” For The First
Time Ever Before Halving Since then, the crypto asset has witnessed
increased adoption from industry leaders and a massive inflow of
capital, propelling its price as well. The BTC price has increased
from $46,000 to a peak of $73,000 since the ETFs were approved by
the US Securities and Exchange Commission (SEC). Another catalyst
considered to have impacted the coin’s price is the anticipation
surrounding the upcoming Bitcoin Halving set to occur in April. In
the past, these kinds of events have led to notable price upticks.
Due to this, investors will shift their attention to BTC to
position themselves for significant gains following the halving
event. Featured image from iStock, chart from Tradingview.com
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