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    Asad Shaikh in Bitcoin

    23 Feb 04:50 AM


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    Bitcoin pre-halving 'pullback' calls for $45K BTC price support retest

    Bitcoin is keenly copying previous bull markets, but the April halving demands a period of consolidation of recent BTC price gains.
    Bitcoin is due a “pullback” around its next block subsidy halving, but the timing remains unclear.

    In his latest YouTube video on Feb. 20, popular trader and analyst Rekt Capital predicted BTC price action copying the 2016 and 2020 bull runs.

    Bitcoin analyst mulls timing of 2024 "pre-halving retrace"
    Bitcoin has ranged within a narrow corridor for over a week, with $52,000 acting as a resistance zone.

    While this has taken its toll on sentiment — as well as altcoin price performance — seasoned market observers remain optimistic.

    Analyzing previous runs to all-time highs, Rekt Capital identified key phases common to both bull market setups.

    “In the past, a macro downtrend break always precedes upside going into the halving,” he explained.

    “Then we have a pre-halving retrace and then a post-halving reaccumulation period and then parabolic price action toward new all-time highs.”
    An accompanying chart showed BTC/USD breaking its initial downward-sloping trend line, only to get caught in a resistance zone previously formed by it. Breaking through and then retesting as support — the “pre-halving retrace” phase — is what is missing in 2024 so far.

    “We’re going to have the same thing in this cycle as well,” Rekt Capital continued.

    The zone of interest when it comes to the pre-halving pullback lies at around $45,000, data from Cointelegraph Markets Pro and TradingView confirms.

    #Bitcoin
    #Bitcoin Price
    #Markets
    #Bitcoin Halving

    Source - Coin Telegraph