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Bitcoin is currently hovering around the $70,000 threshold after making a notable recovery a few days ago. Thanks to recent momentum, cryptocurrency enthusiasts are becoming less pessimistic than before about the growth of crypto assets. halving event. As the long-awaited Bitcoin halving approaches, renowned crypto analyst and enthusiast Rekt Capital provides investors with market insights mapping three distinct stages of the event. did.
Three characteristics of Bitcoin halving
Rekt Capital's analysis details: BitcoinMovements around the halving that are expected to occur this month. In his seven days leading up to the incident, the crypto analyst highlighted his three stages that should be observed to be successful.
These three phases include the retrace before the last half-life, the reaccumulation phase, and the parabolic uptrend phase. Recto Capital highlighted the first aspect, pointing out that the pre-halving retrace is on the books and is already clear.
During this period, Bitcoin experienced an 18% decline compared to retracements of 38% and 19% in 2016 and 2020, respectively. Experts believe that the pre-halving retrace that was concluded was the last chance to buy the trade at the pre-halving stage.
After the end of the retrace, Rekt Capital confirmed that the development laid the foundation for the re-accumulation range. It is important to note that the aforementioned range occurs a few weeks before the halving and ends with a breakout from it a few weeks later.
Specifically, this period can last from a few weeks up to 150 days or 5 months. Given the range manifestation, sideways movement after the halving is the main objective for BTC.
Therefore, the analyst, like many people, emphasized the need to be patient at this stage. Investor This is where they get frustrated, bored, and disappointed because they don't get great returns on their Bitcoin investments. As a result, they lose confidence and are locked out of the market before the event.
BTC post-halving rally could reflect previous trends
Regarding the parabolic uptrend, Recto Capital claims that the phase begins when Bitcoin breaks out of the reaccumulation range. He further stated: BTC price At this stage they tend to grow more rapidly and enter a parabolic rise.
Experts say these regions usually last about a year or more, and in the past they have lasted about 385 days. However, the cycle currently in development could be accelerated, so the duration could be halved within this bull market cycle.
Rekt Capital’s key outlook comes as Bitcoin continues to show strength, pushing back past its current all-time high of $73,000. BTC has registered an increase of over 6% in the past few days.
recovered to $70,000 After falling to $67,000 on Wednesday, that level is approaching $71,000. At the time of this writing, BTC is trading at $70,854, and you can see that it has risen over 6% in this one week.
Over the past day, market capitalization has increased by 1%, while trading volume has plummeted by more than 21%. Considering the current trends in the coin market, BTC could be positioned to see even bigger gains in the coming months.
Featured image from iStock, chart from Tradingview.com
