Coin Edition -
- Rekt Capital believes Bitcoin’s pre-halving behavior will happen despite ETF impact.
- Bitcoin performs pre-halving retracements 14 to 28 days before the halving event.
- The analyst revealed there would also be a post-halving accumulation before a parabolic upside movement for BTC.
According to Rekt Capital, a renowned crypto analyst on X, the current bull cycle will retain the fundamental trend pattern preceding Bitcoin halving despite significant impact from the ETF. The analyst acknowledged the newly launched ETFs have played a role in how the Bitcoin market has developed. However, he believes there will be a pre-halving retracement, like in the previous bull cycles.
#BTC "This cycle is different because of the ETF"Sure but it looks like that doesn't protect price from a Pre-Halving Retrace which tends to happen in every cycle$BTC #Crypto #Bitcoin pic.twitter.com/mOe3oSmlBy— Rekt Capital (@rektcapital) March 16, 2024
In one of his posts, Rekt Capital predicted Bitcoin is a few days away from entering the “Danger Zone.” According to him, the Danger Zone is where the pre-halving retracement begins. He used historical data to explain that Bitcoin performs pre-halving retracements 14 to 28 days before the halving event.
To further explain his observation, the renowned analyst showed that Bitcoin retraced by 20% in the days leading to the 2020 Bitcoin halving. Similarly, before the 2016 halving event, the flagship crypto pulled back by 40% after an initial rally.
At the time of Rekt Capital’s post, the Bitcoin halving event was 31 days away, and the pioneer crypto had retraced by 11%. BTC had dropped from the recently achieved all-time high (ATH) of $73,794 to around $65,000, according to data from TradingView.
The famous analyst accompanied his prediction with a chart analysis suggesting Bitcoin could experience further price drops in a post-halving re-accumulation phase. He also revealed the post-halving accumulation would prepare the topmost cryptocurrency for a post-halving parabolic upside movement.
Bitcoin traded for $65,469 at the time of writing amid a general market downtime. The newly launched ETFs’ impact on the current bull run is significant, especially in pushing BTC to a new ATH before the halving event. That is a situation the crypto market did not experience until the current bull cycle.
The post Bitcoin is A Few Days Away From Entering The “Danger Zone” – Analyst appeared first on Coin Edition.