Bitcoin Set for Pre-Halving Rally: Analysts Predict Surge
A notable figure in the cryptocurrency community has put forth an intriguing perspective on Bitcoin's future trajectory.
This individual, recognized by the pseudonym Rekt Capital, has garnered attention for their insights shared on the social media platform X. According to his analysis, Bitcoin may be on the brink of embarking on a significant upward movement known as a pre-halving rally.
If history is any indication then Bitcoin should begin its Pre-Halving Rally as soon as next week$BTC #Crypto #Bitcoin pic.twitter.com/zfQJqsVXsL
— Rekt Capital (@rektcapital) February 5, 2024
Rekt Capital bases this prediction on historical data surrounding Bitcoin’s halving events, during which the issuance of new BTC to miners is halved. This reduction typically triggers a series of phases in Bitcoin’s price action, and with the next halving scheduled for April, Rekt Capital suggests that Bitcoin is currently transitioning from a phase of retracement to one of rally anticipation.
The analyst indicates that, if historical patterns hold true, the pre-halving rally could commence in the coming week. Their analysis also includes a chart that outlines potential price movements, suggesting a period of re-accumulation following the pre-halving rally before Bitcoin enters a phase of rapid ascent, potentially surpassing $90,000.
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Rekt Capital also notes Bitcoin’s recent attempts to breach resistance levels, particularly around $43,786, after facing rejection from higher ranges in previous weeks. Despite these setbacks, the analyst observes signs of resilience in Bitcoin’s current market behavior.
Rejected from the Range High (red) last week, forming an upside wick & a new Lower High
However, despite last week's RH rejection, $BTC is attempting to revisit the RH this week
If this strength persists, one could think the RH resistance is weakening#Crypto #Bitcoin pic.twitter.com/zJtyZ8CN0C
— Rekt Capital (@rektcapital) February 5, 2024
Furthermore, Rekt Capital highlights a bullish momentum building within Bitcoin, as indicated by the relative strength index (RSI) breaking above a key resistance line on the weekly chart. This development contradicts earlier concerns of a bearish divergence, where RSI trends downwards while the asset’s price continues to rise, signaling a potential reversal.
The new Weekly Close is in and the Bitcoin RSI has successfully broken its downtrend (red), suggesting that the Bearish Divergence has been invalidated$BTC #Crypto #Bitcoin https://t.co/WQNhYKr3AQ pic.twitter.com/Hqoh8bGET5
— Rekt Capital (@rektcapital) February 5, 2024
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
