Rekt Capital is a cryptocurrency enthusiast and expert. identified The recent Bitcoin pre-halving trend is similar to that of the one in 2020 when the crypto-asset soared past its prior all-time-high.
Bitcoin’s Pullback is Almost the Same as 2020 Pre-Halving retracement
BitcoinThe largest crypto asset is currently demonstrating momentum. It has risen over $75,000 and recovered from its recent downtrend. Rekt Capital, following the recovery, believes the pullback may be over. Citing a similarity with the pre-halving of 2020, they believe the decline might have ended. retrace.
Analysts are unsure if recent gains mark the end of a retracement that began before the halving. If this is true, Bitcoin’s recent upsurge would be close to matching the correction that occurred before the halving in 2020.
The analyst claims that this digital asset recorded a decline of more than 18%. The asset retraced over 19% in the cycle 2020, indicating that it could be able to mirror this movement.
Further, dive The analyst’s correction reveals that Bitcoin is trapped in the Weekly Range (black-black), ever since the retracement of over 18%. The Rekt Capital weekly range is a combination of the 2021 candle peak, as well as the 2021 upside-wicking peak.
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. Additionally, it shows that Bitcoin could be poised to go over its weekly trading range and rocket higher.
Bitcoin is finding it difficult to recover its previous peak of $73,000 as the 2024 Bitcoin half-doubling draws closer. Rumors suggest that this increase may be the end of pre-halving price decline.
BTC Strengthening This Cycle: Catalysts Considered
At the moment of this writing BTC It has recovered to about $70 806 indicating an increase daily of more than 5 %. The market capitalization and the trading volume of this company have also shown strength. They rose by 5.49 % and 47.82% respectively in the last day.
It is estimated that the acceptance of Bitcoin in the market has been one of its main drivers. spot BTC ETFs The product will be available in January 2024. The product is now available to investors who want to benefit from Bitcoin’s rising value, without having any Bitcoins themselves.
The crypto asset’s price has also risen since then due to increased industry adoption and massive capital inflows. BTC’s price has risen from $46,000 since ETFs have been approved by US Securities and Exchange Commission.
A second catalyst that is believed to have had an impact on the coin price was the expectation surrounding the Bitcoin Halving, which will take place in April. These events in the past have caused significant price increases. This will cause investors to shift their attention towards BTC so that they can position themselves to make significant gains after the halving.
Chart from Tradingview.com, iStock image.
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