One closely followed cryptocurrency analyst says that Bitcoin (BTC) has now moved into bullish territory as the halving approaches.
The analyst with the pseudonym Rekt Capital tells his 397,000 followers on social media platform
Depending on the trader, Bitcoin bull markets can be divided into three main chapters: pre-halving rally, post-halving resistance, and post-halving parabolic. He says that BTC has officially started the first phase.
“We've run out of time.
Bitcoin has already moved into a bullish phase before the halving.”
Rekt also takes a look at the Pi Cycle Top indicator, which focuses on the 111-day moving average (DMA) and multiples of the 350-day moving average.
According to the analyst, the index's 111 DMA, which acts as a support in the uptrend, indicates that the top of the market cycle is coming in October this year. However, he points out that the market top could come later if Bitcoin corrects before the April halving, when miner rewards are cut in half.
“When it comes to the orange moving average, it remains as a support. Same thing in the halving year of 2020, and now we are in the halving year as well, 2024, and just look at what is happening with that orange moving average now. It is holding up as a support, It is this retest that will provide bargain buying opportunities.
So we know that the 111 day moving average is an important moving average and as long as we don't get a big correction, if we spread these two moving averages in the future, that means we will get the top of a bull market around October.
But around the pre-halving correction is when we tend to see corrections in Bitcoin price action, so a correction in that period will likely tilt the moving average of the Pi cycle down a little bit, and that also means that this moving average spread will tilt “This situation is a little to the downside which means we will see the peak of the bull market happen later.”
At the time of writing, Bitcoin is trading at $48,119.
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