Bitcoin currently sits just above $70,000 following a strong recovery. The recent surge in price has led some crypto supporters to adopt a more optimistic viewpoint regarding Bitcoin‘s future development before the upcoming halving.
3 Distinct Aspects Of The Bitcoin Halving
Rekt Capital’s examination explores Bitcoin’s price trends just prior to and following the upcoming halving event, predicted to transpire this month. During the week preceding this incident, the cryptocurrency expert highlighted three significant phases to watch for a favorable result.
The three stages are the final pullback before halving, the period of collecting coins again, and the explosive upward trend. Focusing on the initial stage, Rekt Capital pointed out that this pullback prior to halving is well-known from past occurrences.
In the past, Bitcoin underwent a decline of 18% contrasting the price drops of 38% in 2016 and 19% in 2020. An expert opines that this recent correction, prior to the Bitcoin halving, presented the final opportunity to buy at a discount during the pre-halving stage.
After the completion of the recent downtrend, Rekt Capital has announced that the foundation has been set for the Re-accumulation phase. It is worth mentioning that this phase takes place several weeks before the upcoming halving event and concludes with a breakout from it around the same timeframe.
The duration may extend for as long as several weeks to approximately 150 days, which is equal to around five months. During this timeframe, Bitcoin’s price behavior, including its sideways trend during the halving process, plays a significant role in its development.
In this stage, the expert advises caution and patience from investors since Bitcoin investments may not yield substantial gains, leading many to feel discouraged, bored, or disillusioned. Consequently, they might lose faith and exit the market prematurely, missing out on potential future profits.
BTC’s Post-Halving Rally Might Mirror Previous Trend
According to Rekt Capital’s analysis, the parabolic upward trend for Bitcoin is expected to start once it breaks free from the current accumulation period. During this phase, Bitcoin’s price typically increases at an accelerated rate.
An expert’s observation is that this phase has usually persisted for approximately a year, sometimes extending to slightly over 385 days. But, given the emerging signs of a potentially faster cycle, the duration might be cut in half during this particular bull market run.
Rekt Capital shared their insights as Bitcoin showed resilience and prepared to reach its previous record high of $73,000 again. In recent times, Bitcoin has raked up over 6% growth.
After dropping down to $67,000 on Wednesday, Bitcoin bounced back and is now approaching $71,000. At present, its value is at $70,854 – representing a nearly 7% gain over the last seven days.
The market value of this asset has increased by 1%, but its trading activity has significantly decreased by over 21% within the last 24 hours. Considering the present situation in the cryptocurrency market, Bitcoin might experience further substantial growth during the upcoming months.
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2024-04-12 16:34