Bitcoin is now hovering around the $70,000 threshold after a notable recovery it witnessed a few days ago. Due to the recent momentum, crypto enthusiasts are becoming less pessimistic about the digital asset’s growth prior to the halving event. With the fast approaching much-anticipated Bitcoin Halving, Rekt Capital, a well-recognized cryptocurrency analyst and aficionado, has offered his market insights mapping out three distinct stages of the event for investors.
3 Distinct Aspects Of The Bitcoin Halving
Rekt Capital’s analysis delves into Bitcoin‘s movement before and after the halving takes place, which is expected to happen this month. In the seven days leading up to the occurrence, the crypto analyst underscored three stages to observe for a successful outcome.
These three phases include the final pre-halving retrace, the re-accumulation phase, and the parabolic uptrend phase. Emphasizing on the first aspect, Rekt Capital noted that the pre-halving retrace is documented in the books and has already manifested.
During this period, Bitcoin experienced an 18% pullback compared to 2016 and 2020’s retracement of 38% and 19%, respectively. The expert believes that the concluded pre-halving Retrace was the last chance to purchase a deal during the pre-halving phase.
Following the conclusion of the retrace, Rekt Capital has confirmed the development has laid the groundwork for the Re-accumulation range. It is important to note that the aforementioned range occurs a few weeks ahead of the halving, and it ends with a breakout from it a few weeks later.
Specifically, the period could last for several weeks and up to 150 days or five months. Given the manifestation of the range, sideways movement through the halving and beyond is the major purpose of BTC.
Thus, the analyst has stressed the need to be patient around this phase, as many investors get frustrated, bored, and disappointed here because their Bitcoin investments lack significant returns. As a result, they lose confidence and get shaken out of the market before the event.
BTC’s Post-Halving Rally Might Mirror Previous Trend
As for the parabolic uptrend, Rekt Capital claims the phase will begin when Bitcoin breaks out from the re-accumulation range. He further stated that the price of BTC tends to grow more quickly and enters a parabolic upsurge during this stage.
According to the expert, this area…
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