A widely followed crypto analyst says that Bitcoin (BTC) backtracking before the halving could actually be a good thing.
Pseudonymous crypto trader Rekt Capital dives deep into pre-halving BTC activity for his 372,100 followers on the social media platform X.
The Bitcoin halving occurs approximately every four years. The pre-programmed event reduces the reward for Bitcoin miners by half, ultimately limiting the total supply of Bitcoin to 21 million coins.
According to Rekt Capital, BTC has historically used the halving to leap to new all-time highs.
“Black trendline tends to act as a resistance in the Pre-Halving period (orange circles)
But after the Halving, it gets broken & reclaimed as new support (black circle)
Then after a successful retest, BTC later springboards to new All Time Highs.”
According to the trader, if BTC’s price lowers before the halving, it will only result in an even more explosive period after the event, currently expected in April 2024.
“Any deeper retracement during the Pre-Halving period will enable the future parabolic uptrend in the Post-Halving period.”
According to the analyst, BTC is still steeped in the pre-halving phase.
“Bitcoin is still in the Pre-Halving phase
But after the Halving, Bitcoin will spend a few weeks in Re-Accumulation (red) before rally into a parabolic uptrend (green).”
BTC is worth $37,594 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Macrovector
Click Here to Read the Full Original Article at Bitcoin News – The Daily Hodl…
