One popular cryptocurrency analyst believes that Bitcoin's (BTC) pre-halving rally is still in its early stages.
A cryptocurrency trader with the pseudonym Rekt Capital tells his 57,300 YouTube subscribers that based on historical patterns, Bitcoin's pre-halving rally could extend weeks longer.
The Bitcoin halving is scheduled to take place in April when rewards for Bitcoin miners will be halved.
Reckitt Capital says,
“The main takeaway here is that the pre-halving rally has only just begun technically, and it is too early to talk about a final pre-halving bounce. This pre-halving bounce tends to happen a few weeks before the halving event. This means we may have a few weeks left to go.” “Whether we still hover at the highs for a few more weeks, reaccumulate at the highs before a retest or retrace or maybe we see a little more limited upside before that retrace happens.”
The trader believes that a conservative estimate for Bitcoin's correction before the halving event could be a decline between 15% and 20%.
“In general, we should see at least two to three weeks of uptrend, and three weeks overall – whether that's a rally or a re-accumulation at the highs, and whether it's a limited rally as well. We're still not at the final tracking phase yet.” Before the halving. And when we talk about bounces, in 2020 it was a 19% bounce…
But in 2016, we saw… 29% if we consider only the candle bodies. So anything between 19% to 30% is something we can expect at this point in the cycle.
After that same cycle, you might want to be a little more conservative and just say 15% or 20%. Whatever this tracking is, it will be the last correction before the halving, and it will be the last opportunity to buy trades before we move into this re-accumulation period which will occur after the halving and will last a significant amount of time.”
Bitcoin is trading at $50,767 at the time of writing, a slight decline over the past 24 hours.
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