Rekt Capital, a well-known cryptocurrency analyst and enthusiast, has offered insights on Bitcoin’s price action ahead of the upcoming BTC Halving event.
One Final Retracement For Bitcoin Before Halving?
The crypto expert took to the social media platform X to share his perception with his nearly 400,000 followers. Rekt believes Bitcoin is poised for a significant retracement before the impending BTC halving.
According to the analyst, the retracement will be Bitcoin’s “last correction before the halving event.” He further highlighted that, due to historical patterns, the pullback is anticipated to occur in late March or April 2024.
In response, a pseudonymous user curiously asked the expert if he could address the pre-halving rally phase in his next newsletter. He added, “Of course, we are unable to have both play out, as we are currently above the 8 resistance line.”
He further noted that a new pattern might be formed if Bitcoin ends the month above the diagonal. “Monthly Close above the diagonal would be the first in history in a pre-halving period,” he stated.
So far, the cryptocurrency community is excited about the upcoming Bitcoin Halving event. This is because Bitcoin Halvings are seen as a bullish occurrence that drives up the price of BTC significantly.
Notably, the event occurs approximately every four years. It aims to maintain BTC’s scarcity and value while controlling inflation by decreasing the rate at which miners in the network create new BTC units.
The miners‘ block reward will drop from 6.25 BTC to 3.125 BTC during the next halving. Additionally, the event is anticipated to occur in April 2024 after the number of blocks reaches 840,000.
Bullish Overview Of The Digital Asset
Despite the potential pullback pre-halving, several crypto enthusiasts are still bullish about the leading cryptocurrency asset on low timeframes. Ali Martinez, a cryptocurrency expert, recently shared an optimistic prediction for BTC to tackle skepticism around the token.
Ali Martinez highlighted that BTC boasts robust support levels that could surpass resistance. Due to this, he has predicted a possible rise in BTC’s price to the $57,000 price mark. However, he believes that Bitcoin will undergo a correction before reaching the aforementioned price mark.
Currently, Bitcoin is sitting at $47,886, recording an increase of over 11% in the past 7 days. CoinMarketCap shows that the token’s trading volume is up by 4%, while its market cap is down by 0.53%.
Featured image from iStock, chart from Tradingview.com
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