Bitcoin has captured investors’ attention once more. It is the leader and pioneer of digital currencies. The recent dynamics of the market have caused analysts to discuss the potential for a significant drop in Bitcoin’s price.
Rekt, the renowned cryptocurrency analyst has examined current market conditions and taken into account historical patterns to give an insight on future potential movements.
The market is experiencing relative calm in comparison to the previous week. Speculations abound regarding the probability of a large retracement.
Bitcoin: historical patterns and potential retracement
Rekt Capital draws on the historical precedents to highlight significant corrections that were observed between 2016 and 2020 in Bitcoin. retracements Nearly 30% and 20% respectively.
This analysis suggests that a significant downturn of up to 40% is possible. Rekt Capital says that such a retracement would be indicative of Bitcoin entering a key reaccumulation period, similar to what was observed prior to previous halvings.
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— Rekt Capital (@rektcapital) April 12, 2024
Rekt Capital makes sure that specific price levels are at the center of its analysis. The market has strengthened as former resistance levels are now newfound support. Nevertheless, sophisticated resistance levels have led to instances where “upside wick rejections,” When prices spike briefly before falling.
Bitcoin Pre-Halving : A Strategic Opportunity
Rekt Capital’s analysis highlights the importance of understanding the concept of “a”. “pre-halving retrace,” This is a common phenomenon seen before past halvings. Investors are usually presented with an excellent buying opportunity at this stage, when prices drop before the impending price halving.
Total cryptocurrency market cap currently stands at $2.167 trillion. Chart: TradingView
Bitcoins halving event Rekt Capital urges its investors to be alert for possible entry points as these have historically been followed by a significant increase in price.
Rekt Capital highlights the nature of Bitcoin’s market cycles by expanding on the wider implications of retracement. In the past, retracements were always followed by periods of consolidation and upward trends.
Investor Sentiment & Market Outlook
Rekt Capital’s findings have caused fervent debate in the crypto-community, as investors are watching for any signs that the expected retracement is about to occur. The countdown is in full gear for Bitcoin’s half-life event, with investors eager to take advantage of what may be the final significant opportunity to buy before it. next Major rally
Bitcoin is currently trading for $64,223. down 3.8% and 7.5% Coingecko data shows that chats can be viewed in 24-hour timeframes and on a weekly basis.
Chart from TradingView, image courtesy of Pixabay
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