A widely followed analyst in the cryptocurrency industry says the market has yet to fully adjust to Bitcoin’s recent halving, which cut BTC miner rewards in half.
In a new video update, anonymous trader Rekt Capital told his 77,000 YouTube subscribers that Bitcoin has historically sparked a surge following halvings.
However, traders point out that the actual pricing of the halving tends to happen several months after the event.
“Bitcoin's halving is not priced in. Historically, every halving has seen a tremendous rally at this point in the cycle. While it has already hit a new all-time high, it has been stable for a long time, so it's only a matter of time before it hits another new all-time high.”
Of course, this is not a logarithmic scale, so we're not expecting prices to rise to, say, $400,000.
Historically, we tend to see consolidations lasting 150+ days before eventually breaking out into a parabolic upswing that lasts for several months. We are now in a re-accumulation period again, so the fact that we are re-accumulating here, the longer the better. Pausing here to take a breather is good for the uptrend that will inevitably follow.”
Rekt Capital recently stated that Bitcoin has officially left the “danger zone” where corrections have historically occurred during market cycles, but he said it may not be until around September this year that BTC will trigger a surge to a new all-time high.
At the time of writing, Bitcoin is trading at $68,580.
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